Portfolio Exit: Cushon acquired by NatWest Group

This afternoon we announced that Augmentum Fintech portfolio company Cushon is being acquired by NatWest Group*. Congratulations to Ben Pollard, Phil Hollingdale, Duncan Howorth and the team!

We first invested in the workplace savings and Net Zero pension provider in June 2021 in their Series A fundraising round. Ellen Logan and Tim Levene put together some thoughts on the Cushon investment journey in this blog post.

Augmentum is expected to receive proceeds of £22.8m from the completion of the acquisition, representing a 46.2% uplift on the unaudited 30 September 2022 holding value of £15.6 million, a multiple of 2.1x on cost and an IRR of 66.3%.

This marks Augmentum’s fifth successful portfolio investment exit, all of which have been at or above the last reported holding value, and the third from within the wealth and asset management vertical, following last year’s sale of Interactive Investor to abrdn. It has been our pleasure to partner with the Cushon team and we wish them all the best for their new chapter with NatWest.

Read the full RNS here.

*Subject to regulatory approval