Mobeus makes 6.8x on sale of Westway Services
Mobeus Equity Partners and Maven Capital Partners have sold their investment in Westway Services , a provider of facility solutions to the built environment. The sale to US-based ABM has generated a multiple of 6.8x for the backers.
Founded in 2001, Westway provides an integrated range of technical building services on both planned and reactive maintenance contracts. The business has evolved to offer clients a full range of mechanical and electrical engineering services covering infrastructure such as heating, ventilation, air conditioning, refrigeration, and electrical installations.
Mobeus and Maven funded the original MBO of London-based Westway in 2009 and have since helped grow its footprint throughout the UK. At the time of the first investment, Westway had a turnover of £9.7m, an EBITDA of £2.1 million, and employed 38 people from a single office location in West London. Under the leadership of Managing Director Andy Donnell, the company has since achieved year-on-year growth, and following the secondary MBO in 2014, has significantly grown with forecasted turnover set to exceed £50m, EBITDA to over £5 million, and now employs 535 people across its UK offices in Ruislip (West London), Bristol, Glasgow, Leeds, and Northampton. The success was achieved by a proven track record of delivering a reliable and high level of service for its blue-chip client base.
This is Mobeus’s ninth exit through sales to trade buyers and private equity firms in less than two years. The nine realisations have delivered a 3.1 x money multiple for Mobeus-advised clients of £120 million in proceeds from £39 million at investment cost.
Andy Donnell, Managing Director of Westway Services, said:
"Mobeus have been a pivotal part of the Westway success story. Since the start of our relationship in 2009, they have consistently supported management’s strategy and vision. They have provided valuable support to enable us to achieve our goals. The excellent opportunity for Westway to move forward as part of ABM brings a fresh chapter in the evolution of Westway."
Bob Henry, Partner at Mobeus, said:
“Mobeus has always been a keen supporter of Westway and its management team, who have built an extremely strong business by over-delivering on customer expectations. They have achieved this by creating a well-trained and highly motivated workforce. This has been no mean feat during a period of very rapid growth. It is clear that this management philosophy was one of the attractions of Westway to ABM.”