b'ww wwOur portfolio continuedPrivate equity Backing ambitious management teams Whilst Mercias track record in the private equity space is relatively new compared to its other asset classes, it has generated impressive returns followingSince Mercias initial investment the group has achieved more than four-fold the launch of its first fund in 2009.growth. With recent international expansion, electric vehicle developments and continued Mercia has a proven strategy with innovation in market-leading products, well-managed risks: the groups growth potential is very Successful companies and managementexciting. As a result, all incumbent teams with long-term growth plans Woodall Nicholson has been a coachbuildershareholders have opted to reinvest Focus on aligned interests and strongsince 1820. It has manufacturing operations inalongside the acquirer, Rutland, to be working relationships the North of England, the Midlands andpart of the next stage.Incremental improvements to increaseGermany in three specialist vehicle divisions: efficiency and reach critical mass Mellor and Treka buses, Coleman Milne and Brian DavidsonBringing operational capability to lessBinz International ceremonial vehicles, Continuing Chairman ofsophisticated businessesand emergency services. Woodall Nicholson Group. The team is led by Managing Director, Driving realisationMercia PE Funds, Wayne Thomas, a charteredMercia invested in Woodall Nicholson in 2013Woodall Nicholson is a great success accountant who joined the Group almost in a syndicated transaction and since then for both Mercias private equity funds 15 years ago.the investment team, led by Wayne Thomas,and its management team. Brians has been closely involved in developing team has transformed this business the business. During this time sales at into an innovative, world-leading Woodall Nicholson have grown by almostspecialist vehicle manufacturer which Enquiries500% from 20.0million to 95.0million. is growing in Scandinavia, Germany, the Netherlands, Australia, New 135 The Groups maiden private equity fundZealand and the Far East as well assuccessfully completed its highest valuein the UK. Mercias 9.6x exit from exit so far, having sold a stake in theWoodall Nicholson is the latest inTotal transaction value Greater Manchester-based designers a series of successful exits for theand manufacturers of specialist vehicles,10.7m Woodall Nicholson Group Limited, at a EV Growth Fund, which invests in multiple of 9.6 times the originalregionally-based UK SMEs, generating investment.an internal rate of return (IRR) of 70% over seven years.Wayne ThomasManaging Director, Mercia PE Funds.32 Mercia Asset Management PLC Annual Report and Accounts 2020'