# Mercia announces first closing of EV Growth II
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-12-12
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Mercia Technologies PLC Announces First Closing of EV Growth
Meta Description: Learn about Mercia Technologies PLC's latest fund, EV Growth II, which aims to invest in dynamic UK businesses in the North, focusing on management buyouts
URL: https://financedigest.com/mercia-announces-first-closing-of-ev-growth-iihtml

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As part of its Half Year Results, [Mercia Technologies PLC](http://link.email.dynect.net/link.php?DynEngagement=true&H=w8Bl7ZSLqC%2BFFEF9P0XN9HJB14ltnTgt2r4zKtmGsiA5bfE55aykHy8%2BfqK%2BatzehiP7E4wXjeZ2Imk2Aq4E0Nf3BJaMvfMPnxxp3snZ5PQztC9rCHJ0gGQETlE5%2Bv2d&G=0&R=https%3A%2F%2Fwww.merciatech.co.uk%2F&I=20171207074422.000001655c6d%40mail6-51-ussnn1&X=MHwxMDQ2NzU4OjVhMjhlZWIwNzJlOTFmN2VjMWJiZjNjOTs%3D&S=7vA63EdyRbnTBCaWpQz2CthNbhwl89NlmNl7ceLzlW0) has announced the first closing of EV Growth II with initial commitments totalling £45.1million.

![Jonathan Diggines, Executive Director of Mercia Technologies PLC](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd121217-9-300x200-1736843167325-compressed.jpg)

Jonathan Diggines, Executive Director of Mercia Technologies PLC

The Fund has closed with commitments from institutions and private individuals, including three Mercia Fund Managers team members, who will be responsible for managing the new fund, and who were instrumental in managing its successful predecessor fund, EVG I.

Earlier this year Mercia reported two full exits from the predecessor fund portfolio: ChargePoint Technology, Barber DTS and the partial exit from Woodall Nicholson, which together delivered an aggregate return of 4.6x to investors.

The new [fund EV Growth](https://www.financedigest.com/impact-com-fiscal-year-h1-2021-1-5b-valuation-150m-in-funding-bigcommerce-integration-69-customer-growth.html "impact.com Fiscal Year H1 2021: .5B Valuation, 0M in Funding,  BigCommerce Integration, 69% Customer Growth") II, which will be led by Wayne Thomas, will make investments of up to £5.0million in established and ambitious SMEs, looking to grow, with a focus on management buyouts and replacement capital. The [team will work with Operational Partners Warwick Ley and former BVCA UK CEO](https://www.financedigest.com/man-group-picks-all-female-top-team-as-ceo-ellis-retires.html "Man Group picks all-female top team as CEO Ellis retires") of the year, Brian Davidson, who have both made individual commitments to the Fund.

**Jonathan Diggines, Executive Director of Mercia Technologies PLC, who has been instrumental in raising the EV Funds said:**

“EV [Growth II will be investing in some of the most dynamic businesses in the UK regions](https://www.financedigest.com/mycology-immunoassays-testing-market-growth-share-industry-dynamics-top-trends-and-regional-analysis-forecast-to-2027.html "Mycology Immunoassays Testing Market Growth Share, Industry Dynamics, Top Trends and Regional Analysis Forecast to 2027"), particularly in the North of England, which is one of Mercia’s core investment regions. We will typically take minority positions alongside the management team so that we can work together to generate growth and deliver attractive returns for management and for [Fund](https://www.financedigest.com/credit-suisse-to-repay-further-750-million-to-greensill-linked-fund-investors.html "Credit Suisse to repay further 0 million to Greensill-linked fund investors") investors.”

**Wayne Thomas, Fund [Manager of EV Growth](https://www.financedigest.com/nanotechnology-to-spell-the-growth-quotient-gq-of-postoperative-pain-management-market.html "Nanotechnology to spell the growth quotient (GQ) of Postoperative Pain Management Market") II said:**

“The first Growth [Fund demonstrated that we can identify, fund and help build](https://www.financedigest.com/where-can-you-start-building-your-emergency-funds.html "Where Can You Start Building Your Emergency Funds?") outstanding businesses, run by extremely capable and ambitious management teams. Our experience, over many years investing in SMEs in the UK regions, shows that, to [unlock growth](https://www.financedigest.com/the-benefits-of-compound-interest-in-savings-and-investments-unlocking-financial-growth.html "The Benefits of Compound Interest in Savings and Investments: Unlocking Financial Growth") and value, a business needs not just access to capital, it also needs strategic input and a patient, long term management approach, values which are fundamental to Mercia’s investment ethos.”


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