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Asset/Investment Management
toscafund.com

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Investments

19

Portfolio Exits

2

Funds

4

About Toscafund Asset Management

Toscafund is a multi asset manager. Funds managed include global equity financials, commercial property, UK debt and activist approach. Tosca Debt Capital is a lending vehicle specifically designed for regional SMEs and smaller corporate businesses seeking the investment they need to enter the next phase of growth.

Toscafund Asset Management Headquarter Location

90 Long Acre 7th Floor

London, England, WC2E 9RA,

United Kingdom

+44 (0) 207 845 6100

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Latest Toscafund Asset Management News

Ramsay CEO says still plenty of options if Spire bid fails

Jul 12, 2021

Share Ramsay Health Care boss Craig McNally says he still has options to pursue its target should his increased bid for UK’s Spire Healthcare get voted down by its shareholders. The recently sweetened £2.50 all cash offer for all of Spire - which values the UK hospitals operator at £2.11 billion on an enterprise value basis - is sitting on a knife’s edge with several large investors saying they will vote against it. Spire needs 75 per cent of shareholders to support the merger, but last Thursday it delayed the vote on the deal due to take place Monday (UK time) until July 19 following pressure from investors. Ramsay Health Care CEO Craig McNally says UK’s blown out NHS waitlists should not be “assumed to be a pot of gold” for private hospital players. James Brickwood If the scheme of arrangement fails, Ramsay has several options it could still consider: make a tender offer with a lower acceptance threshold for all issued shares; sit and wait to see how Spire performs and lob a new bid down the track or buy the minority 30 per cent stake from South Africa’s Mediclinic International and plot its next move. Mr McNally is a patient investor and will have thought about a follow up play if the deal does not get over the line. Related Quotes Advertisement He told The Australian Financial Review that regardless of the outcome the company’s strong balance sheet and cashflows position Ramsay to generate growth in the UK and other key markets. “We have a number of options available to us which we will be assessing in detail when we know the outcome of the scheme meeting vote,” he said. “We have been operating in the UK market for 15 years and have strong operational insight and a good appreciation of the industry dynamics and long term outlook for the market.” UK health secretary Sajid Javid said over the weekend that the NHS wait list could reach 13 million by year’s end due to the COVID-19 backlog - more than double the list now sitting at about 5.3 million people putting extraordinary pressure on the system. Mr McNally added that while much has been said about the NHS wait lists and the £1.1 billion Spire property portfolio, it is “hard work dealing with additional patients volumes and hospitals are expensive to run. “Additional NHS funding is also required, so the waitlists should not be assumed to be a pot of gold,” he said. Advertisement “Ramsay has a proven track record of being an efficient operator and we have invested heavily in our UK business which coupled with our strong established relationships with the NHS gives us confidence that we can assist in addressing the waitlists – but not all operators are in the same position.” Mr McNally said speculation of a sale and leaseback of the Spire property portfolio delivers a short-term gain but longer term diminishes profitability by adding escalating rental costs. Top Spire shareholders, Toscafund Asset Management and Fidelity International - which combined control about 17 per cent - have stated they will vote against the deal, and urged others to join them. It is believed that Toscafund has been buying shares from Schroders, increasing its holding in Spire from 5.4 to 8 per cent. Toscafund previously said the offer is at “the wrong time and the wrong price” with Spire prospects set to improve in-line with elective surgeries bouncing back. Major Spire shareholders M&G Investments and Aberforth Partners are believed to be backing Ramsay’s offer. Spire’s CFO Jitesh Sodha wrote to shareholders July 8 noting that that three proxy and corporate governance advisory agencies, ISS, PIRC and IVIS, have recommended investors vote in favour of the transaction. But Glass Lewis raised a number of concerns, from valuation to due process, according to The Financial Times newspaper. It argued that the healthcare provider was already well-positioned to benefit from increased spending as the UK recovers from the pandemic. Spire argued that the increased offer represented an enterprise value of 21.6x adjusted earnings before interest and tax of £97.6m in 2019, prior to the pandemic. Mr McNally said with three of the four proxy firms indicating support for the bid, he encouraged Spire shareholders to back the offer. The biggest stories in business, markets and politics and why they matter. Need to know. Our daily reporting, in your inbox.

Toscafund Asset Management Investments

19 Investments

Toscafund Asset Management has made 19 investments. Their latest investment was in Strike as part of their Seed VC on July 7, 2021.

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Toscafund Asset Management Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/12/2021

Seed VC

Strike

$15.2M

No

Channel 4 Ventures, Freston Ventures, and Peter Wood

3

4/9/2021

Series F

Atom Bank

$55.02M

No

BBVA New Digital Ventures

1

3/22/2021

Series C

VoxSmart

$25M

Yes

4

1/21/2021

Series B

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$99M

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10

10/17/2019

Private Equity

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$99M

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10

Date

7/12/2021

4/9/2021

3/22/2021

1/21/2021

10/17/2019

Round

Seed VC

Series F

Series C

Series B

Private Equity

Company

Strike

Atom Bank

VoxSmart

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Amount

$15.2M

$55.02M

$25M

$99M

$99M

New?

No

No

Yes

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Co-Investors

Channel 4 Ventures, Freston Ventures, and Peter Wood

BBVA New Digital Ventures

Sources

3

1

4

10

10

Toscafund Asset Management Portfolio Exits

2 Portfolio Exits

Toscafund Asset Management has 2 portfolio exits. Their latest portfolio exit was Laundrapp on February 18, 2020.

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

2/18/2020

Acquired

1

00/00/0000

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$991

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10

Date

2/18/2020

00/00/0000

Exit

Acquired

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Companies

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Valuation

$991

Acquirer

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Sources

1

10

Toscafund Asset Management Acquisitions

4 Acquisitions

Toscafund Asset Management acquired 4 companies. Their latest acquisition was TalkTalk on March 16, 2021.

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

3/16/2021

$991

Take Private

5

12/17/2020

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$991

$99M

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10

10/22/2014

Private Equity

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$991

$99M

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10

10/22/2014

Debt

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$99M

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10

Date

3/16/2021

12/17/2020

10/22/2014

10/22/2014

Investment Stage

Private Equity

Debt

Companies

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Valuation

$991

$991

$991

Total Funding

$99M

$99M

$99M

Note

Take Private

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Sources

5

10

10

10

Toscafund Asset Management Fund History

4 Fund Histories

Toscafund Asset Management has 4 funds, including Tosca Select II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

11/24/2020

Tosca Select II

$12.8M

1

7/10/2020

Tosca AT1 Fund

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$99M

10

9/6/2019

Tosca Select

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$99M

10

Toscafund Asset Private Equity Fund I

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$99M

10

Closing Date

11/24/2020

7/10/2020

9/6/2019

Fund

Tosca Select II

Tosca AT1 Fund

Tosca Select

Toscafund Asset Private Equity Fund I

Fund Type

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Status

Amount

$12.8M

$99M

$99M

$99M

Sources

1

10

10

10

Toscafund Asset Management Team

1 Team Member

Toscafund Asset Management has 1 team member, including current Chief Executive Officer, Martin B Hughes.

Name

Work History

Title

Status

Martin B Hughes

Chief Executive Officer

Current

Name

Martin B Hughes

Work History

Title

Chief Executive Officer

Status

Current

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