Mobeus copies a great year
Mobeus VCT Fundraising
For the second year running, Mobeus Equity Partners ("Mobeus") has invested over £30 million. In its most recent investment, Mobeus has provided £3.9 million of follow on finance to portfolio company Automated Systems Group (“ASL”), as part of an overall funding package to support its buy and build strategy through the acquisition of Copyfax (Anglia) Ltd.
Mobeus originally supported the MBO of ASL in December 2010 and provided £2 million of follow on investment to support the acquisition of Transcribe Copier Systems in April 2011. The acquisition of Copyfax will further strengthen ASL’s presence in East Anglia. The combined group is now a leading provider of printing and copier solutions to SMEs and the education sector in the Midlands, East Anglia and Kent. In total, Mobeus has now invested just over £10 million in the company.
The transaction represents Mobeus’s sixth investment in 2014, taking committed capital invested to nearly £32 million, following the MBOs of Ward Thomas Group, Tharstern and Entanet, the BIMBO of CGi and the growth capital investment into Bourn Hall.
This caps a very busy year for Mobeus which also includes the achievement of seven successful exits from the portfolio over the course of 2014. In total these seven realisations have returned cash proceeds of £93.6 million to the Mobeus advised VCTs, representing an average 3.0x money multiple of cost of £31.3 million.
Mark Wignall, Managing Partner at Mobeus, commented:
“2014 has been an outstanding year for Mobeus. We continue to back strong, entrepreneurial management teams deploying significant amounts of debt and equity capital into dynamic, growing SMEs across the UK. It is very pleasing to see the success of our investment strategy crystallised in so many profitable exits”.