Mobeus sells ASL in secondary buyout

1 July 2019

Mobeus has sold its investment in ASL Technology Holdings Limited (ASL) in a secondary buyout backed by Primary Capital Partners.


ASL was founded in 1991 and is an independent managed office services supplier, specialising in print, comms and IT. ASL manages over 5,000 customers from its nine offices across East Anglia, the Midlands, London and the South of England.

Mobeus backed ASL in 2010, as a buy-and-build platform in a large, mature but fragmented industry. Supported by Mobeus, ASL’s management team pursued an M&A programme, as well as achieving organic growth, to consolidate its market position. Most recently, it completed the acquisitions of ICA in February 2018 and of Geerings in November 2018. The business has more than trebled EBITDA over the investment period and now employs 158 people (up from 60 in 2010).

The sale to Primary represents a 2.2x money multiple on the Mobeus total investment of £9.7 million.

Mobeus Portfolio Director Ed Wass, who sat on the board and led the sale, commented,

“We are very proud to have worked with this great management team to build such a high quality business over the investment term. With a number of recent transactions in this sector, private equity is alive to the opportunities for buy-and-build platforms in managed services including printing and related services. We are delighted that, having demonstrated a strong track record in growth through making and successfully integrating acquisitions, ASL now has a new financial backer to support its continued success.”

Mobeus and Management were advised by Spectrum Corporate Finance and Addleshaw Goddard.

“Mobeus has been a hugely supportive, strategic and flexible business partner throughout its investment term. Having executed a number of successful transactions, and with an active M&A environment, this was the right time for ASL to find a new source of equity finance, enabling us to compete with the other buy-and-build platforms in the market.”

Mark Garius, CEO of ASL