Viking triumph for FCPET

F&C Private Equity Trust has seen a £12.2m boost to its cash following the realisation of its largest direct holding, Viking Moorings.

The sale of Viking - the market leader in the provision of oil rig mooring systems in the North Sea - had been anticipated for some time, but has proved a bigger boost to the investment trust, managed by Hamish Mair, than was expected.

HSBC has bought the firm for an enterprise value of £170m from mid-market private equity group Inflexion, which bought Viking in December 2005 for £22m. F&C Private Equity Trust invested £1.06m alongside Inflexion at the same time, giving it a 9.2% stake in the company.

Manager Hamish Mair said: "The exit of Viking has been achieved at an enterprise value higher than our latest valuation."