Mobeus amplifies investment 5.5x
Mobeus has fully realised its investment in DiGiCo Global Limited (“DiGiCo”), through a sale to a new professional audio group backed by Electra Partners.
DiGiCo designs and manufactures premium digital audio mixing consoles for live sound, theatre productions and broadcast applications as well as supplying interfacing for post-production and recording studios. Electra Partners’ existing brands, Allen & Heath and Calrec, operate in complementary areas of the professional audio industry.
Mobeus invested £4.6m to support the original management buyout of DiGiCo in 2007 and achieved a partial realisation in December 2011 through a £50m secondary buyout to ISIS Equity Partners. The business has demonstrated strong and consistent growth - turnover has grown three-fold from £8 million in 2007 when Mobeus first invested, to £24 million in 2013.
The investment has returned in excess of £25m in cash over the life of the investment to Mobeus advised Venture Capital Trusts (“Mobeus VCTs”). This return equates to a 5.5x multiple of Mobeus’s original investment, a cash IRR of 45%.
This is Mobeus’s fourth exit so far during 2014 and follows the partial sale of ATG Media to ECI Partners through a secondary buyout and the trade sales of MachineWorks Software Limited and Monsal Holdings. In total, these four investments have returned in excess of £54m in cash to the Mobeus VCTs to date.
Bob Henry, Partner at Mobeus, commented:
“DiGiCo has been a great success, not just as an investment. The management team has created a world-class business with products that sell to at least 90 countries, all engineered in the UK. Mobeus will miss its relationship with an outstanding management team and wishes them every success in the next stage of a highly impressive story.”
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Issued by Mobeus Equity Partners LLP, of 30 Haymarket, London SW1Y 4EX, registered in England & Wales number OC320577, authorised and regulated by the Financial Conduct 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.