Press Releases

KEMP LITTLE advises pi capital on the sale of its shareholding in thames clippers

september 2006

Kemp Little LLP, the leading UK technology law firm, advised Pi Capital, the independent private equity house that invests in small to medium-sized buyouts and development capital deals, on the sale of its stake in Thames Clippers to the Anshultz Group. Pi Capital achieved an IRR of 44% on its investment, doubling the value of its original subscription.

The deal included the purchase of new boats, allowing Thames Clippers - the leading provider of high-speed commuter passenger services on the River Thames - to offer an increased frequency of service across current and new routes, coinciding with the opening of the O2 Arena (formerly the Millenium Dome) planned for July 2007.

Paul Thomas, Managing Director of Pi Capital, said: "Thames Clippers is a first class company and management have done an excellent job in establishing a high quality transport service for Londoners. This deal with AEG will enable the company to continue its rapid development. It has been a very successful investment for Pi Capital."

Commenting on the transaction process, Stephen Geddes, senior investment manager at Pi Capital, said: "As always, the support we receive from the Kemp Little corporate team was exemplary. Their help, advice and their enthusiasm to complete the deal in the face of ever-tightening deadlines have been outstanding throughout."

Siobhan McElhinney, partner in the Kemp Little corporate group, and senior associate, Andy Moseby, advised Pi Capital. Andy commented: "We always enjoy working with the deal team at Pi Capital and are delighted to have been involved in such a successful exit for their investors."

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For further information, please contact:

Kemp Little LLP
Andy Moseby (020) 7710 1650
email: andy.moseby@kemplittle.com

About Pi Capital:

Pi Capital is a private equity firm investing in profitable UK centric companies looking to undertake buyouts / development capital / roll outs / buy and builds requiring between £2 million and £5 million of equity and which have an enterprise value of up to £20 million.

Pi is also an active network of some of the UK's most successful and influential business leaders. Its investment team sources, due diligences and structures investments on behalf of its members and then takes an active role in the development of companies post investment. Members contribute at all stages of the investment process: from providing input in due diligence, through to assisting in post-investment growth, either as board members or through offering introductions and advise.

About Kemp Little LLP:

Kemp Little LLP is a leading technology law firm dedicated to commercial, corporate and employment legal work for business and technology clients.

The firm's core attributes are:

technical excellence: Kemp Little has won numerous awards for technical excellence in the last five years;
innovation in legal services: Kemp Little is the first UK law firm LLP and the first firm to launch a client WIP (work in progress) extranet to enable clients to see real time 'what's on the clock'.

The firm is located at:
Cheapside House
138 Cheapside
London EC2V 6BJ
Tel: 020 7600 8080
Fax: 020 7600 7878