Mercia Asset Administration introduced the sale of nDreams to Aonic on Monday for an enterprise worth of £90.3m.
The AIM-traded agency held a 33.2% direct stake in nDreams, leading to a complete consideration of £30.2m, together with £26.4m in money and £3.8m reinvested into Aonic.
It mentioned promoting nDreams was profitable, yielding a 2.7x return on invested capital and an 18.4% inner price of return (IRR).
The exit worth of £90.3m represents a £4.4m, or 17.5%, enhance over Mercia’s carrying worth for nDreams as of 31 March.
Mercia described nDreams as a number one digital actuality (VR) studio primarily based in Farnborough, which specialises in growing and publishing VR video games.
Based by Patrick O’Luanaigh in 2006, Mercia initially invested £0.3m in nDreams in March 2014 via its managed funds and subsequently from its steadiness sheet in December 2014.
Aonic was in the meantime described as a diversified video gaming funding group with a notable presence within the VR and augmented actuality (AR) business.
Mercia mentioned Aonic made an preliminary £20m funding into nDreams in March final yr.
“This commerce sale represents one other worthwhile consequence for Mercia, realising a big return which is above our present holding worth, predominantly in money,” mentioned chief govt officer Dr Mark Payton.
“This newest profitable exit additional provides to our sturdy debt-free money place, which now stands at £60m.
“We stay up for saying Mercia’s interim outcomes on 28 November.”
At 1349 GMT, shares in Mercia Asset Administration had been up 24.68% at 27.43p.
Reporting by Josh White for Sharecast.com.