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Aberdeen Murray Johnstone exits card warehouse22/05/2003. Source: AltAssets. 
 The UK-based small to mid-market private equity firm, Aberdeen Murray Johnstone Private Equity (AMJPE), has successfully exited its majority stake in the UK-based card manufacturer Card Warehouse. The firm has achieved a return at 2.5x its initial investment.
AMJPE sold Card Warehouse to trade buyer Cardfair for £45m including debt, generating an above average return of 22 per cent for the private equity firm. AMJPE bought the company in 1998 when it backed a £12.5m management buy-out.
Cardfair is financing the deal with debt raised by Lloyds TSB Acquisition Finance and mezzanine provided by Intermediate Capital Group.
Despite the current scarcity of exit opportunities the sale of Card Warehouse completes AMJPE's second realisation so far in 2003. In February the firm sold its interest in Telecom Service Centres, a Scottish call centre operation, as part of a £23m MBO.
AMJPE's investment strategy encompasses small to medium-sized UK-based companies from a broad range of industry sectors. The firm invests between £500,000 and £15m in companies valued at up to £50m.
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