Electra’s Axio sells Mims for $250m

The partial exit will see Mims, a healthcare data service with headquarters in Singapore, acquired by Asian peers SMS and Mitsui.

The divestment will generate £95m in proceeds for Electra. The GP has reaped a combined $180m via three partial exits and a refinancing for Axio since 2014 – the figure represents 2x its initial investment in the business.

Electra became a shareholder in Axio in April 2013, when it carved out the business, then called UBM Data Services, from parent UBM. The £160m spin-off was financed via £91m from Electra and a £40m PIK vendor loan.

According to the GP, the long-term plan was to boost performance in each of the subsidiaries within Axio to then divest them one by one.

First to spin out was JOC Group, divested to US corporate buyer HIS in November 2014; the sale yielded £35m for Electra. This was followed by the sell-off of logistics intelligence unit Breakbulk to ITE Group, which drove proceeds for the firm up to £76m.

Recently, Electra supported Axio's aviation subsidiary OAG as it underwent a £12.5m debt restructuring, with a multi-currency facility provided by Lloyds Bank that replaced loans from parent Axio.

Company
With headquarters in Singapore, Mims is a healthcare-focused data service. The business operates an archive with journals, directories and other online products used by 1.7 million sector professionals across 13 countries in the Asia-Pacific region.

Axio, headquartered in London, operates in 17 countries worldwide. Having now sold Mims, Axio retains healthcare-focused subsidiary Vidal; IP specialist TechInsights; transportation-focused OAG; and Risi, which specialises in forest products information and data. The four business units generated £20m of EBITDA in 2014.

People
Electra was represented by partner Alex Cooper-Evans. Henry Elkington is CEO of Axio.

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• Topics
• UK / Ireland
• Exits
• Support services
• United Kingdom
• Electra Partners LLP
• Partial sale