Mobeus exits Bourn Hall in sale to Triangle Capital
Mobeus has realised its investment in Bourn Hall, the world’s first IVF clinic, in a sale to Triangle Healthcare Partners, a Canadian-based investor.
The sale results in total cash proceeds for three of the Mobeus-advised VCTs of £5.7m, representing a 1.6x money multiple on original cost of £3.5m.
Bourn Hall is one of the UK’s leading providers of fertility services. Its Cambridge clinic was founded in 1980 by Robert Edwards and Patrick Steptoe, the IVF pioneers whose work led to the birth of the first test-tube baby, Louise Brown. Since then, Bourn Hall has helped over 20,000 families.
Triangle Healthcare Partners, a Toronto-based investor, has plans to grow Bourn Hall into a global IVF brand.
Andrew Clark, Partner at Triangle Healthcare Partners, added: “Our ambition is to work with Bourn Hall to develop strategic partnerships, exploring acquisitions both in the UK and overseas. We look forward to working with Mike and his senior leadership team on ways to maximise and expand the Bourn Hall brand and services.
“We regard Bourn Hall as the world’s leading IVF brand. We admire its services and recognise its potential to expand globally.”
Ed Wass, who sat on the board for Mobeus and led the exit, commented: “As the birthplace of IVF, Bourn Hall has the ideal heritage and reputation to grow as a respected, global brand, supporting countless more people on their journeys to become families. Mobeus is proud to have supported Bourn Hall through the last few years of its ongoing journey. I am very pleased Bourn has found a new partner for the future of the business whilst also delivering an attractive return for its shareholders.”
Bourn Hall’s shareholders were advised by Grant Thornton, Mills & Reeve, PEM and Birketts.
11 January 2021
“Infertility and IVF are deeply personal, so it’s incredibly important that Bourn Hall has a strong family feel and a special connection with both patients and partners. We appreciate Mobeus’s support over its investment term and we are pleased to have found new partners, who also share our values, in Triangle.”
Mike Macnamee, Bourn Hall CEO