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Tekton sale nets YFM 122% return

By on April 14 2008

YFM Private Equity, an investor in construction software business Tekton, says that it achieved an IRR of 122 per cent from the company’s sale to LSE-listed Sage. Tekton was sold for £21 million at the end of last month, generating a return for funds managed by YFM of 2.7 times its investment, according to the firm.

Tekton was formed in December 2005 when YFM invested £700,000 in serial entrepreneur Richard Beaton’s buy-out of Intuita and acquisition of EVision, both software businesses serving the construction industry.

Twelve months later the group acquired Sitestream Software, at which point Inflexion Private Equity invested £4.6 million, and YFM chose to roll over some of its investment. Tekton’s sale to Sage allows the firm to make a complete exit.

Tekton employs 90 people and is based in Manchester. Its customers include civil engineers, builders and developers, maintenance and other contractors.

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