Papers full of stories that the Cambridge University educated team who founded Innocent are cashing in some more of their smoothie shares. The only angel investor Maurice Pinto (76yrs) is selling out and the three founders are taking some of their juice rewards. Coca-Cola is buying a further 40% of the equity to add to the 18% in bought in April last year. Interesting the price is unchanged even though the new range of “veg-pot” had an “awesome” start.
So at a reported deal of 40% for between £60million and £70million, Innocent is valued at some £160million. Each of the founders owned 25% after Mr Pinto bought his 25% for some £250,000. So Mr Pinto has turned his £250,000 into £40million – a great return for an angel investor. I think that he had little to do with the management but did appoint the Chair. If Mr Pinto has sold all his shares and the three founders have sold theirs in equal portions then they will have realised some £13million each. (58%-25%=33%/4=8.25%x£160m=£13million).
For founders who are so strong on ethics there is little or no mention of options. Seems a shame to build a great team and then not share the rewards. Wonder what business plan resource they use?
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