Mobeus generates a 2.5x money multiple and an overall IRR of 23.4% on sale of Access-IS, the electronic data-capture solutions provider for Airlines and Airports, Identity and Security, Public Transport and Ticketing.
The Access-IS sale follows on from the realisation earlier in the year of Auction Technology Group. Over the life of the two investments, the two exits have delivered Mobeus VCT shareholders £48 million of realised cash gains.
Mobeus has realised its investment in Access-IS (“Access”) in a sale to HID Corporation Ltd. a subsidiary of ASSA ABLOY, the global leader in access solutions, which owns the Chubb and Yale brands.
Access’s innovative, miniaturised devices, such as passport and ticket readers, enable the world’s population to move around the planet and access services quickly, safely and securely; a challenge the current pandemic has made even more critical to resolve. Its engineers use advanced technologies in new ways, combining document imaging, barcode reading, NFC and RFID decoding, and contactless payments. As a result, Access is trusted by some of the world’s biggest brands, its hardware is present in more than 200 airports and over 100 million transactions are conducted daily through Access devices.
Since Mobeus’s £11m investment in 2015, Access has delivered consistent year on year growth, nearly doubling revenue from £11.5m to over £19m in 2019. The business has also professionalised its operations and substantially increased its production capacity.
The sale results in total cash proceeds for the Mobeus-advised VCTs of £27.8m, representing a 2.5x money multiple on original cost of £11.0m and an overall IRR of 23.4%.
Ed Wass, who sat on the board of Access and led the sale process for Mobeus, says:
“Access-IS has grown solidly throughout our investment term, invested in technology and expanded within its core markets, becoming a highly professional business. I am delighted it has found a new home within HID and wish the team lots of luck for the next stage in their growth journey.”
Clive Austin, Portfolio Partner of Mobeus, commented:
“This is another superb realisation for the Mobeus VCTs, realising a cash gain over the life of the investment of more than £16m. It follows on swiftly from the sale of Auction Technology Group that realised a cash gain of over £31m for the VCTs earlier this year. These deals have delivered very attractive returns for our VCT shareholders.”
The shareholders were advised by EC Mergers & Acquisitions (financial adviser) and by Addleshaw Goddard (legal adviser). RSM provided Vendor Due Diligence.
“Mobeus has been a hugely supportive partner over the last five years. It was clear from the first meeting that they were completely aligned with the vision we had for the business and, with their help, we have achieved everything we set out to do.”Guy-Franck Nakach, CEO of Access-IS