Mobeus engineers another investment
Mobeus Equity Partners (“Mobeus”) has provided a combined debt and equity funding package to support the £11m management buyout of Veritek Global Limited (“Veritek”), the Eastbourne-based provider of outsourced technical services. Mobeus Equity Partners has provided funding to finance the transaction alongside asset based lending facilities from RBS.
Veritek provides European-wide installation, maintenance and support services for blue-chip owners of a wide range of complex imaging equipment. The company has revenues in excess of £25m and employs c. 300 staff across ten countries. It operates in the photographic, healthcare, ophthalmic, graphics and digital cinema markets. The company plans to expand its European footprint and continue to broaden its offering into new sectors.
Veritek is led by Jim Edgar (Group MD) and Jonathan Briant (Group FD) who have been responsible for the development of the business over the last five years. Mobeus has introduced Peter Shawyer, one of its Operating Partners, to Veritek as investing Chairman. Peter is a Non-Executive Director of HSBC Bank Plc., Non-Executive Director of M&S Bank and Chairman of Ingenious Media Plc.
The investment means Mobeus has invested more than £20 million in growing SMEs so far this year.
Chris Price, Investment Director at Mobeus, commented “We are delighted to have been able to support Jim and Jonathan in their acquisition of Veritek. Veritek is a superbly managed business with an exciting future ahead of it as it increasingly diversifies its business into areas such as healthcare and graphics. We are confident that our flexible debt and equity solution will enable the team to take advantage of these growth opportunities and enable Veritek to become the leading service and maintenance supplier to the European imaging market.”
Jim Edgar, Group MD of Veritek said “Jonathan and I are excited by the opportunities in front of us. Mobeus has been a fantastic partner through this process. Having understood the business quickly, they have consistently delivered against tight timeframes and taken a pragmatic approach to what has at times been a complex transaction. We look forward to a long and successful partnership.”
Mobeus was advised by asb law LLP (legal), Grant Thornton (financial due diligence), Armstrong Transaction Services (commercial due diligence), Alaco Limited (management diligence) and PWC (tax). The management team was advised by HMT LLP (corporate finance and tax), with legal support provided by DLA Piper.