Horizon picks Moelis to advise on Sabio auction

Besides Moelis, two other banks had pitched for the mandate, one of the sources said, with another source adding that Arma Partners was one of the others competing for the role. Pitches took place in the week commencing 23 March, one of the sources said.

The process is on track to be formally launched in Q4 2022, one of the sources said. Mergermarket reported on Horizon’s plans to hire an advisor and launch in the final quarter of this year in February.

The asset is likely to be marketed off forecast FY23 EBITDA, which is expected to be in the region of GBP 25m-30m, as reported. However, one of the sources noted that it has not yet been determined what exact figures Sabio will be marketed off.

Sabio booked adjusted EBITDA of GBP 16.3m against turnover of GBP 99.8m in the year ending 30 September 2020, according to filings with Companies House.

Sabio, which provides contact centre telecommunication solutions via its operations in Europe and Asia, was acquired by Horizon in July 2016 in a deal worth GBP 50m.

Since Horizon’s initial equity investment, which totalled GBP 25m, Sabio has executed 10 bolt-ons that collectively quadrupled the firm’s revenue and EBITDA, according to the sponsor’s website.

Last March, Sabio bought Fonetic, a Spain-based provider of cloud-enabled AI voicebots, chatbots and customer behaviour analytics solutions, for an undisclosed sum.

Sabio Group, which encompasses Sabio, Anana, DVELP, flexAnswer and Coverage Group, sells solutions and services that combine digital and human interactions to support customer experiences.

The organisation works with brands including Aegon, AXA Assistance, Bankia, BBVA, BGL, Caixabank, DHL, Essent, GovTech, HomeServe, Liverpool Victoria, M1, Office Depot, Saga, Sainsbury's Argos, Telefónica, Think Money and Transcom Worldwide.

Sabio and Horizon Capital did not respond to requests for comment. Moelis and Arma Partners declined to comment.

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• Horizon Capital (formerly Lyceum Capital)