UK-based private equity investor Bridgepoint Group, the long-term majority shareholder in MotoGP and World Superbikes commercial and TV rights holder Dorna Sports, has posted surprisingly mixed results for the first half of 2023. BDN financial editor Roger Willis reports.
Six-monthly investment income slumped dramatically year-on-year by 67.2% to just £10.9m. This decline was attributed to a dealmaking slowdown and volatile markets owing to the Ukraine war, as well as rising interest rates. The combination of these has evidently limited Bridgepoints’s ability to exit some investments in a timely fashion — not that there is any sign that Dorna might be among them.
During the period, management fees were also 11.4% down to £107.3m versus the second half of last year. However, the overall value of managed assets had grown by 3.9% to £34.04bn.
Commenting on these results, Bridgepoint chairman William Jackson said: “Market conditions saw extended transaction timelines with exits, fundraising and new investments all taking longer to complete, as parties undertake robust and detailed diligence. But we are already seeing activity increase in the M&A market and remain on track to deliver full-year results in line with financial guidance, albeit performance is weighted to the second half of the year.”