Mobeus Backs MBO of Tessella
Mobeus Equity Partners (Mobeus) has backed the £18 million management buyout of Tessella Limited, a leading provider of science- powered technology and consulting services. This is Mobeus’s first transaction since the team announced its own MBO from Matrix Group earlier this month.
Tessella works for blue-chip clients around the world to deliver solutions to highly complex technical and commercial problems. Tessella’s projects include:
- working with the European Space Agency to design a satellite to send to the sun;
- flood water and defence modelling for the UK Government;
- supporting JET’s research into nuclear fusion power generation; and
- improving safety on oil rigs for major international oil companies.
Guy Blackburn led the investment for Mobeus and comments:
“Tessella is a world- class UK technology business and a great example of the type of company that Britain is capable of producing. The company works for leading international organisations, helping to solve some of the most important and technically challenging problems of our time. Tessella employs very talented people with excellent scientific and academic credentials to provide very high quality, specialist design and problem solving services on a global basis. Mobeus is delighted to have backed the existing management team in their MBO and we look forward to supporting Tessella’s further international expansion.”
Tessella is headquartered in Abingdon and employs over 200 people across the UK, the Netherlands and the USA. The company recorded a turnover in excess of £18 million for the financial year ended 31 March 2012. Mobeus Operating Partner Steve Curl joins Tessella as investing Chairman and the company’s founder, Kevin Gell, remains on the board in a non-executive capacity. Guy Blackburn and Tom Chaloner will join Tessella’s board to represent Mobeus.
Alan Gaby, Managing Director of Tessella, led the MBO for the management team and comments:
"We are thrilled to have completed our MBO. Mobeus's straightforward and management- friendly approach was a real differentiator. We look forward to working with them to grow the business.
Having been in the business for the last 5 years, my team and I are excited by our plans for the future. We have the experience, energy, resources and - above all - the people to make an even greater positive impact for our clients.”