Epiris's Axio sells OAG to Vitruvian for $215m

Kenny Wastell
16 February 2017

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Epiris portfolio company Axio Group has sold aviation information and intelligence division OAG to Vitruvian Partners for $215m.

The sale marks the fifth "major divestment" from Axio and has generated proceeds of £104m for Epiris-managed funds, according to the GP.

It brings the total returns generated from the asset to around £350m, which marks a 3.9x return. According to a statement issued by the GP, its remaining investment in Axio would be expected to raise the return multiple to around 4.8x.

The sale of OAG comes four months after the business sold Vidal Group to listed Japanese online portal M3 for €100m. The group's remaining data and information businesses include TechInsights, operating in the intellectual property sector, and RISI, which operates in the forestry products sector.

The partial exit from Axio marks the latest in a series of divestments by Epiris, as it approaches the end of its 12-month notice period as investment portfolio manager of listed LP Electra Private Equity. It comes shortly after the £90m EV sale of claims management specialist Davies Group to US mid-market private equity firm HGGC and the sale of audio mixing console producer Audiotonix to Astorg.

Vitruvian is currently investing from its second fund, which held a final close on £1bn in December 2013.

Previous funding
Electra first invested in Axio in April 2013, when it carved out the business, then called UBM Data Services, from parent UBM. The £160m spinout was financed via £91m from Electra and a £40m PIK vendor loan.

More recently, the GP provided its portfolio company with fresh acquisition capital to fund the merger of its intellectual property division TechInsights with Canadian competitor Chipworks.

Company
Headquartered in Luton, OAG is an aviation information and intelligence business. It provides data and analysis on flight schedules and statuses for clients including airlines, airports and airport service providers. The company has additional operations in Boston, with sales offices in North America and Asia.

People
Epiris – Alex Fortescue (managing partner); Alex Cooper-Evans (partner); Sarah Williams (investment director).
Axio Group – Hans Gieskes (chair); Henry Elkington (CEO).