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Private Equity
harwoodcapital.co.uk

Investments

2

Portfolio Exits

1

Funds

1

About Harwood Capital

Harwood Capital is a private equity firm that focuses in small-cap companies throughout Europe. The firm, through its fund, makes investments in companies operating in the manufacturing, services, leisure, media, healthcare, retail, financial services and construction sectors.

Headquarters Location

6 Stratton Street

London, England, W1J 8LD,

United Kingdom

+44 (0)20 7640 3200

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Latest Harwood Capital News

Rockwood Strategic : Factsheet Q4 2022

Jan 5, 2023

01/05/2023 | 02:38pm GMT Message : Investment Objective & Strategy The Fund seeks investments capable of delivering 15% IRRs over a 3-5 year time horizon in publicly listed UK Small companies. The strategy targets up to 10 'core' positions which represent the majority of NAV and a further 15-25 more liquid smaller investments. We have a 'value' investor mindset, are cash-flow focused, and seek proven businesses and opportunities for strategic, operational or management change to unlock shareholder value. The team adopts an 'engaged' approach, backed up with material shareholdings in target investments. Performance % Manager FTSE All-Share Total Return watermark Bloomberg Ticker ISIN Sedol inverted yield curve is a likely pre-cursor to the recession ahead. Xi Jinping was re-elected for a third time as China suffers from its unique approach to COVID-19. Another quarter, another UK Prime Minister. The markets appreciated the relevance of his CV and recalibration of fiscal policy. U.K. Interest rates were raised for a 9th time to 3.5%, retail price inflation hit 14%, the highest since 1980. It was confirmed the economy was contracting in Q3, which is likely to continue. UK house prices are rolling over as mortgage costs adjust. Real incomes remain under pressure. UK natural gas prices are back to pre-Ukraine invasion levels. The best performing sectors in 2022 were Oil & Gas, Mining, Tobacco, Pharmaceuticals and Banks. The FTSE 100 stood out in world markets with a paltry +0.9% return for the year. The context was Nasdaq -33.1%, FTSE Aim -31.3% and the worst year for government bonds in decades. The key to 2023 will be the direction and pace of core inflation. Markets desire central banks to 'pivot'. The Fund's best-in-class performance was driven by a takeover approach for Crestchic (+46.7%), significant gains at RM following non- core disposals (+107.4%), progress on the formal sales process of Bonhill (+36.4%), a successful re-financing of Pressure Technologies (+50.0%) and positive trading updates at Argentex (+38.7%) and Van Elle (+27.0%). The 'engaged' approach of Rockwood has clearly contributed to the stella recent returns for shareholders at Crestchic. Our significant involvement with Bonhill is now bearing fruit. We anchored the fundraise at Pressure Technologies, influencing strategy evolution and expect material upside over the medium-term if key deliverables are achieved. Whilst delighted with the early returns from our largest new investment in 2022, RM Plc, we believe there is considerable further upside from unlocking all the shareholder value within its three divisions. We anticipate an elevated cash position after a successful takeover of Crestchic. Our pipeline is full, and we will carefully redeploy during 2023. The market environment is capital hungry, forced sellers abound and valuations are depressed. This enhances the structural investment opportunity in small UK equities and should seed further long-term compounding of the fund's performance. Top Ten Holdings as % of NAV Company Richard Staveley is a Non-Executive Director at Bonhill and Centaur Media IAG member Jamie Brooke is a Non-Executive Director at Flowtech Fluidpower. Crestchic is in receipt of a takeover offer Bonhill is conducting a formal sales process Past performance is not a reliable indicator of current or future performance, and investors may not get back the original amount invested. Investment in RKW may not be appropriate for investors who plan to withdraw their money within 5 years. Shares of RKW may trade at a discount or a premium to Net Asset Value ("NAV") for variety of reasons. On a sale you could realise less than the NAV and less than you initially invested. RKW's portfolio is focused towards small companies; these may involve a higher degree of risk than larger sized companies. Source: *Harwood Capital, Bloomberg. All data as at 30 December 2022. Fund Management Team Richard Staveley was formerly lead manager for GHS plc, Majedie UK Small Companies, R&M UK Small Companies, Société Générale UK Small Companies, after he had qualified as an ACA at PWC. He is a CFA charterholder and has >20 years small company fund management experience. Nick Mills joined Harwood Capital in '19 to work on the Oryx International Growth and NASCIT strategies. He had previously spent five years at Gabelli Asset Management in New York as an analyst. He is also a NED at Circassia Group plc and Hargreaves Services plc . Other Features 'Skin in the Game' - Christopher Mills (CIO and Founder of Harwood) and Richard Staveley have purchased 29.9% of the issued share capital of Rockwood Strategic Premium listing on London Stock Exchange Investment universe of nearly 1000 UK small companies Focused portfolio, majority of capital in <10 holdings Ability to hold up to 15% in private companies or instruments Investment Advisory Group (200 years combined experience) Christopher Mills; Founder of Harwood Capital, JO Hambro Capital Management and Harwood Wealth. CEO North Atlantic Small Companies IT, Executive Director of Oryx International Growth, >45 years investment experience Adam Parker; Co-Founder of Majedie Asset Management, formerly at Mercury Asset Management, >35 years UK small companies fund management experience (Oxford, Chemistry) Jamie Brooke; Formerly Hanover, Lombard Odier, Henderson Global, Gartmore, 3i and Deloitte (ACA), 30 years UK small companies investment experience (Oxford, Maths). NED at Flowtech Fluidpower and Chapel Down plc. Rupert Dyson; Founder of Edale Capital LLP, formerly Sloane Robinson and Invesco, 29 years European equities investing experience (Bristol, History) Yuri Khodjamirian; Formerly an analyst and fund manager at Majedie Asset Management, 14 years UK and Global equities experience. CIO Tema ETFs and founder of snippetfinance.com (Cambridge & LSE, Economics and Bioscience Enterprise). David Potter; >50 years of financial services and transaction experience incl. CSFB, Samuel Montagu, Midland Bank and CEO of Guinness Mahon, 25 years of NED/Chair roles (Oxford, PPE) Company History Initially listed as NewMediaSpark in 1999 into the heights of the TMT boom, the company's tech-biased investment portfolio was gradually exited in the years that followed. In 2015 it adopted a new investment strategy focused primarily on UK publicly listed small companies and was renamed Gresham House Strategic plc. In October 2021 Harwood Capital was appointed as manager In April 2022 the company was re-named Rockwood Strategic plc and re-started actively investing under the returning lead fund manager, Richard Staveley. In September 2022 the company migrated from the AIM to the premium list of the London Stock Exchange How to Invest

Harwood Capital Investments

2 Investments

Harwood Capital has made 2 investments. Their latest investment was in Eztenda as part of their Angel on October 10, 2021.

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Harwood Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

10/28/2021

Angel

Eztenda

$0.69M

Yes

1

8/12/2019

Private Equity

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$99M

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10

Date

10/28/2021

8/12/2019

Round

Angel

Private Equity

Company

Eztenda

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Amount

$0.69M

$99M

New?

Yes

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Co-Investors

Sources

1

10

Harwood Capital Portfolio Exits

1 Portfolio Exit

Harwood Capital has 1 portfolio exit. Their latest portfolio exit was Quickline Communications on June 11, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/11/2021

Acq - Fin

$99M

2

Date

6/11/2021

Exit

Acq - Fin

Companies

Valuation

$99M

Acquirer

Sources

2

Harwood Capital Acquisitions

1 Acquisition

Harwood Capital acquired 1 company. Their latest acquisition was Medi-Globe on March 02, 2016.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

3/2/2016

$99M

Acq - Fin

2

Date

3/2/2016

Investment Stage

Companies

Valuation

$99M

Total Funding

Note

Acq - Fin

Sources

2

Harwood Capital Fund History

1 Fund History

Harwood Capital has 1 fund, including Harwood Private Equity V.

Closing Date

Fund

Fund Type

Status

Amount

Sources

5/13/2020

Harwood Private Equity V

$85.56M

1

Closing Date

5/13/2020

Fund

Harwood Private Equity V

Fund Type

Status

Amount

$85.56M

Sources

1

Harwood Capital Team

2 Team Members

Harwood Capital has 2 team members, including current Chief Executive Officer, Christopher Mills.

Name

Work History

Title

Status

Christopher Mills

Chief Executive Officer

Current

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Name

Christopher Mills

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Work History

Title

Chief Executive Officer

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Status

Current

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