Draper Esprit, a venture capital company that floated on Dublin and London's junior markets in June, has bought a 30.8 per cent stake in Elderstreet Holdings, a UK venture capital trust with over £25 million of assets.
Draper Esprit, which has an option to buy the balance of Elderstreet shares in due course, said the initial consideration was by issue of 73,667 new shares of one pence each in the capital of the company, it said.
Shares in Draper Esprit are currently trading at €3.90.
Elderstreet provides early stage, development and growth capital for ambitious UK businesses, in most industry sectors with a focus on software and computer services. In 2014, it won the Investment Company of the Year award and was VCT Fund Manager of the Year in 2009 and 2010.
"Draper Esprit is now firmly on the map as one of the major European managers of technology venture capital and growth capital with a long history of successful acquisitions," chief executive Simon Cook said.
