CAP was a leading provider of computer software services and products in the UK. Cinven’s original investment was made in 1982 for a minority stake to replace certain founders who had left the company. Then, in 1984, Cinven led a buyout of the substantial NEB stake in the business.
The company operated in a high growth market and the target of the experienced management team was to fully exploit the company’s potential. CAP planned to continue to build on its strong market position in the UK and at the same time expand internationally.
The business progressed well through organic growth and acquisition. In 1985, CAP achieved a full listing on the London Stock Exchange before merging with a French computer services company, Sema Metra, to form the enlarged Sema Group.
Multiple returned on investment: 3.4x