Mobeus climbs to new heights with a sixth 2014 exit
Mobeus has fully realised its investment in Youngman Group, (Youngman), the leading provider of innovative access equipment and systems through a trade sale to the world’s largest ladder manufacturer, WernerCo.
The deal marks the sixth profitable Mobeus exit in 2014.
Youngman, based in Essex, was established in the 1920s and today produces access equipment including specialist step and loft ladders, access and work platforms, and extension and combination ladders. The company also designs and manufactures bespoke access systems for customers in the military, commercial aerospace, rail and petrochemical sectors.
Mobeus supported the management buyout of Youngman in 2005. In the nine year investment period, the business has demonstrated resilience and maintained competitive advantage in its markets.
Mobeus originally invested £3.5m to support the buyout. The investment has so far returned £8.5m in cash to the Mobeus advised Venture Capital Trusts (“Mobeus VCTs”). The cash return equates to a 2.4X multiple of Mobeus’s original investment.
Mike Walker, Partner at Mobeus, commented:
"It has been a privilege for Mobeus to be part of the Youngman success story and to work with a management team who have been exemplary business partners. They have maintained Youngman’s pre-eminent position in its industry through, at times, very challenging market conditions and delivered a great result for shareholders."
Mark Wignall, Managing Partner at Mobeus, commented:
"I am really pleased for Paul Bentley and the team and that their commitment and extraordinary resilience has paid off so well. For Mobeus, this deal takes us through £200 million for the value of companies sold this year. This is a very rewarding year for our shareholders, who will participate in close to £50 million profits from the successful sale of these six companies.”