14 June 2010

Albion Ventures leads sale of RFI Global Services LTD

Albion Ventures LLP is delighted to announce it has exited its investment in RFI Global Services Ltd (RFI) following the sale of RFI to Underwriters Laboratories Inc. (UL) for an undisclosed sum.

RFI is a leading provider of testing, approval and consultancy services to the global technology market, including data security, cellular, wireless and smart card technologies. The company is the market leader in testing and certifying new generations of payment devices, including contactless cards and terminals as well as broader mobile payment systems. RFI will be integrated into UL’s Verification Services business.

UL, based in Illinois, USA, is a global leader in safety testing and certification, with over 20 billion UL Marks issued to customers in over 100 countries.

Albion’s VCT funds have invested £2.2m in RFI since 2006, and will receive up to £4.7m from the sale, including interest paid over the course of the investment.

Commenting on the transaction, Ed Lascelles, Partner of Albion Ventures, said, “We are pleased with the outcome of our investment. Since we first invested, RFI focused its strategy and established global leadership in its core markets. The strong management team has done well to deliver growth, particularly benefiting from developments in the mobile payments industry. The Company has delivered a good return on our investment and was ungeared.