Mobeus Engineers Another Investment

LONDON, July 26, 2013 /PRNewswire/ --

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., Chairman 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.

Quotes

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."

People

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.  

Issued by Mobeus Equity Partners LLP, of 30 Haymarket, London, SW1Y 4EX, registered in England & Wales number OC 320577, authorised and regulated by the Financial Services Authority, number 456538. This material is for information only and does not constitute an offer to buy or sell an investment nor does it solicit any such invitation. The information contained in this email is believed to be accurate at the date of publication but no representation or warranty stated or implied is made or given by any person as to its accuracy or completeness and no responsibility or liability is accepted for any such information or opinion.

Mobeus Equity Partners LLP ['Mobeus']

Mobeus is a leading UK VCT Manager with a focus on MBO transactions. Mobeus advises four Income & Growth VCTs with approximately £170 million Funds under Management.

Its recent transactions are:-

                    Cost

      Investment   (GBPm)                Business/Location
                           Services to the art and antiques
    ATG Media      4.5     industry                             London
    Gro            5.7     Baby sleeping products               Exeter
    Motorclean     3.2     Vehicle cleaning and valet services  Basildon
                           Technology based consultancy
    Tessella       5.6     services                             Abingdon
    EMaC           6.0     Service plans for the motor trade    Crewe
    Equip Outdoor          Branded outdoor equipment and
    Technologies   4.5     clothing                             Alfreton
    Motorclean     6.0     Vehicle cleaning and valet services  Basildon

                   Cost  Proceeds

        Exit      (GBPm)  (GBPm)       Business/Buyer           Location
    British                       Helicopter    Patriot
    International 3.3    6.5      Services      Aerospace  Cornwall
                                  Food
    Brookerpaks   0.5    2.0      distribution  Management Kent
    Camwood       0.5    2.0      IT services   Management London
                                  Online ski    Growth
                                  and cruise    Capital
    Iglu.com      4.3    11.1     travel agent  Partners   London
                                  Manufacturer
                                  of digital
                                  sound mixing
    DiGiCo        4.6    20.5     consoles      Isis       Chessington, Surrey
                                  Application
                                  management
    AppDNA        0.5    16.0     software      Citrix     London
                                  Manufacturer
    Original                      of beauty
    Additions     1.0    4.2      products      LDC        Hayes, Middlesex

For more information, visit http://www.mobeusequity.co.uk

For further information please contact:

Laura Marsh - +44(0)20-7024-7617