Mobeus generates 4.2x return on its second AIM IPO in March 2021
Parsley Box, the direct-to-consumer provider of ready meals focused on the Baby Boomer+ demographic, has floated on AIM at over £83 million, marking Mobeus’s second successful IPO of the month.
- Mobeus investee Parsley Box joins Virgin Wines on AIM
- Oversubscribed £83.8 million Parsley Box Flotation follows successful £110 million Virgin Wines Offering at the beginning of the month
- D2C ready meals provider has grown eightfold since first Mobeus investment in May 2019, now delivering c. 900,000 products a month
- Mobeus VCTs achieve 144.4% IRR, selling one third of holding, while continuing as largest institutional shareholder to support huge growth potential
- The flotation marks Mobeus’s tenth successful realisation* in the last 18 months
The Offering was oversubscribed, attracting strong interest from blue chip institutional investors and support from its loyal customer base. The market capitalisation of Parsley Box, based on the Placing Price of 200 pence per share, is approximately £83.8 million.
Mobeus is delighted to have supported the IPO, which delivered a successful outcome for Parsley Box and our VCT Shareholders:
- Parsley Box has now built an attractive platform from which to continue its growth, while also enabling loyal customers and valued employees to share in its future success.
- Having realised a third of their previous equity holding, the Mobeus VCTs’ total return to date, based on the flotation price, represents a 4.2x Money Multiple, an IRR of 144.4% and a locked-in overall cash return of 1.4x.
- Moreover, the Mobeus VCTs continue to hold a substantial 14% of Parsley Box’s equity, allowing them to participate in the company’s future growth potential.
Having first backed Parsley Box in 2019, Mobeus has invested over £4 million in total and the business has charted a rapid growth trajectory ever since. Parsley Box operates at the intersection of two extremely favourable trends: the structural shift in consumer behaviour to the convenience of online and home delivery; and the growing yet underserved 60+ customer age demographic. As a result, the company’s revenue has increased eightfold since our first investment and the team now delivers about 900,000 products a month.
Parsley Box offers a range of c.60 high quality, affordable, quick and delicious ready meals delivered to customers’ doors as quickly as the next working day. The ambient range has a shelf life of up to six months and does not have to be kept in the fridge or freezer. The company has also expanded to include wines, spirits, cakes and desserts, as well as gifting options such as chocolates.
Josh Henshaw, who worked with outgoing Mobeus Non-Executive Director Bob Henry on the deal, said, “It’s been a real privilege to work with such a high quality, entrepreneurial and focused management team, which has delivered impressive growth alongside first class professionalisation of its operations. They are addressing an underserved but rapidly growing market segment with a fantastic product and are winning customers’ loyalty through excellence in communications and marketing. We are absolutely delighted to see the team take this first step on the next phase of its journey.”
Clive Austin, Mobeus Head of Portfolio, said, “It’s great to see Parsley Box join Virgin Wines on AIM. Mobeus is proud to have supported the success of these dynamic consumer businesses as they have scaled and professionalised. Both companies have been transformed since Mobeus first invested and they are great examples of our strategy to support entrepreneurs in creating market-leading businesses. I believe they should continue to deliver strong growth in the quoted arena and we are delighted to remain as significant shareholders.”
* In 18 months since 1st October 2019, Mobeus has fully exited eight investments and partially realised value following the AIM flotation of two investments, in both of which it continues to hold a substantial shareholding.
31 March 2021
“The IPO is a significant milestone for the business, and I see it as firing the starting gun on our next phase of growth. The strong demand for our IPO from both blue-chip institutions and our own customers was a real endorsement of our business and the market opportunities that lie ahead of us. I'm pleased to welcome our new shareholders on board. It’s been great to work with Bob and Josh over the last three years and we appreciate Mobeus’s ongoing support.”
Kevin Dorren, Parsley Box CEO