Mobeus accepts a bid on ATG Media
The painting is a Brian Shields and entitled ‘B****r Off, Can't You See I'm Busy'. It was sold via the-saleroom.com at Morphets 6th March 2014.
Mobeus Equity Partners (‘Mobeus’) has part realised its investment in ATG Media (‘ATG’), a global pioneer of webcast and timed online auction platforms through a secondary MBO to ECI Partners (‘ECI’). ATG operates the-saleroom.com, i-bidder.com, BidSpotter.co.uk and BidSpotter.com as well as publishing the antiques industry bible, Antiques Trade Gazette. Mobeus and ECI ATG’s growth has been driven by the continued shift of bidders online and ATG’s ability to provide auctioneers with a larger bidder base.
Mobeus financed the management buyout of ATG in October 2008 and provided additional funding in April 2013 to support the acquisition of BidSpotter. Mobeus is realising part of its investment, the cash proceeds of which provide a locked-in IRR in excess of 20% p.a., whilst maintaining a significant minority stake in the business to provide additional returns.
Mike Walker, Partner at Mobeus said:
“Anne and her team have done an excellent job growing the business, expanding into new geographies and verticals. We are particularly proud of our success with ATG – we backed the business in the teeth of the 2008-9 financial crisis when many other investors shut up shop. This is a tremendous UK growth story– the business has more than doubled over a very challenging economic period. That is all credit to the strength of the team at ATG. I would like to welcome ECI on board. We look forward to working with management and ECI to continue ATG’s impressive growth.”
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