Launch of New Subsidiary
IP Group PLC
03 May 2007
For immediate release 03 May 2007
IP Group
IP GROUP LAUNCHES MODERN WASTE SUBSIDIARY
IP Group plc (LSE: IPO) ('IP Group'), the intellectual property
commercialisation company, is delighted to announce the launch of a new
subsidiary, Modern Waste Limited ('Modern Waste' or 'the Company') to establish
and exploit a portfolio of innovative sensing, monitoring and control
technologies and apply them to the waste and recycling markets.
The creation of Modern Waste forms an integral part of IP Group's strategy of
establishing businesses, run by experienced and specialist management teams, to
address particular issues affecting the global economy through the creation and
management of a portfolio of intellectual-property based investments.
Modern Waste is the third subsidiary that IP Group has created to address issues
of global importance, having launched Modern Water in December 2006 and Modern
Biosciences in 2005. IP Group has committed £2 million in cash to Modern Waste
and has a 66% stake in the Company.
Modern Waste is headed by Executive Chairman John Shepherd, the former Chief
Executive Officer of First Technology plc, the sensing and safety and analysis
business which was sold to Honeywell International Inc. Mr Shepherd, aged 53,
has spent the last two years advising on private equity transactions including
the bid for First Technology plc as well as the successful acquisition of First
Technology Safety & Analysis, First Technology plc's crash test dummies
business, by Hg Capital for £50 million. He was Chief Executive of First
Technology from March 2003 to June 2005 and remains Non-Executive Chairman of
First Technology Safety & Analysis.
Prior to this, Mr Shepherd spent twelve years at Smiths Group plc in a number of
senior positions including Managing Director of Smiths Detection where profits
increased to £71 million from £2 million in his four-year post. He also oversaw
three acquisitions during that period including the £235 million acquisition of
Heimann Systems. Prior to joining Smiths he worked for British Aerospace from
1975 to 1990, during which time he spent 11 years in Germany.
Mr Shepherd is joined by Karen West as Business Development Director. Miss West
previously worked with Mr Shepherd in strategic development roles at both First
Technology plc and Smiths Detection. She has more than ten years experience
helping hi-tech manufacturing companies develop organic and acquisitive growth
strategies.
Alan Aubrey, Chief Executive of IP Group, said: 'We are delighted to be
announcing the launch of Modern Waste, our second new subsidiary in less than
six months and the third of our 'Modern-themed' subsidiaries. With waste and
recycling coming increasingly under the environmental spotlight, Modern Waste
represents an important development in IP Group's strategy. John has an
excellent track record of building businesses both organically and by
acquisition and we look forward to working with him to develop Modern Waste.'
John Shepherd, Executive Chairman of Modern Waste, said: 'This is an excellent
opportunity to work with IP Group which has built productive relationships with
universities and which has a strong track record of successfully exploiting
leading edge technologies. Modern Waste will build opportunities in the waste
and recycling markets by applying sensing, monitoring and control technologies
in innovative ways.'
For further information, please contact:
IP Group plc
Alan Aubrey, Chief Executive Officer 020 7489 5200
Liz Vaughan-Adams (communications) 020 7489 5206/07979853802
Buchanan Communications 020 7466 5000
Tim Anderson, Mary-Jane Johnson, Mark Court
Notes for Editors
About IP Group
IP Group Plc is an intellectual property (IP) commercialisation company that
specialises in commercialising university technology. Founded in 2001, IP Group
listed on AiM in October 2003 and moved to the Official List in June 2006. It
has made two acquisitions to date - Techtran, a company set up to commercialise
university intellectual property under a long term contract with the University
of Leeds, in 2005 and Top Technology Ventures, an investment adviser to early
stage technology venture capital funds, in 2004.
The group has formed long-term partnerships with ten universities - the
University of Oxford, King's College London, CNAP/University of York, the
University of Leeds, the University of Bristol, the University of Surrey, the
University of Southampton, Queen Mary (University of London), the University of
Bath and the University of Glasgow.
As at 31 December 2006, 53 spin-out companies had been created among the group's
university partners. Of those, eight have listed on the AiM market of the London
Stock Exchange, one on PLUS Markets and there have been two trade sales.
For more information, please visit our website at www.ipgroupplc.com.
ENDS
This information is provided by RNS
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