Investec wins with Fenergo deal

I’d say they did a little dance this week up at the offices of Investec when the deal was sealed for the US private equity fund Insight to pay $75 million for a majority stake in Irish financial technology company Fenergo.

Most of the cash is being used to take out existing shareholders, including John Purdy’s Ergo and the Investec-managed Ulster Bank Diageo venture fund.

It invested $4 million for a stake of about 20 per cent in late 2013.

Less than two years on, the fund has basically quadrupled its money. A tasty result.