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Gresham Monitor: June 2004

With seven out of ten UK middle-market companies now expressing optimism regarding growth prospects, managers are more upbeat that at any time since July 2000. In spite of higher energy costs, rising interest rates and the continued threat of global terrorism, the number of pessimists has tumbled to a four-year low, according to the latest Gresham monitor.

Only 43 per cent of respondents in January 2003 expressed optimism, but this has now soared to 73 per cent. Those describing themselves as very optimistic now represent 19 per cent of the total, outnumbering the pessimists by two to one.

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Gresham is one of the few regionally based UK private equity houses, which specialises in investing in middle market companies. Transactions are typically valued at between £5m and £75m. The group focuses on management buy-outs, build-ups and transactions requiring expansion and replacement capital. It has a successful investment track record with a gross realised internal investment return of 35 per cent and a multiple of 2.5 times on 97 investments made since 1980. Gresham spun out of Zurich Financial Services in February 2003 to create an independent business owned by the management team. Members of the Zurich Group remain key supporters and independence has also paved the way for Gresham to offer its expertise to new investors. For more information please visit www.gresham.vc