Mobeus sold Tessella, a technology and consulting business, to Altran Group generating a 42% IRR.
We sold Tessella to Altran Group, a €2 billion French based multinational for an undisclosed price. We generated a 2.9x multiple of cost and a 42% IRR on the deal. The shareholders including Mobeus have also retained the fast-growing data archiving part of Tessella’s business, a separate entity called Preservica.
At the time of the exit, Tessella reported revenues of £26.5 million, up 43% from the time of the 2012 buyout. Oxfordshire-based Tessella was founded in 1980 and has gone on to become a global business, with offices now in the Netherlands and the US.
The Original Deal
We originally backed Tessella in 2012, when we invested £5.6 million as a combined debt and equity package to back the £16.7 million MBO of the business. Mobeus introduced Dr Steve Curl, a Mobeus Operating Partner, as Chairman.