Mobeus invests £8m in Ludlow MBO

A person with knowledge of the situation told unquote" that Mobeus has acquired a majority stake via the deal. It is also understood the GP provided the full funding package, including debt, to support the transaction.

Under the GP's tenure, the business will grow its regional network and undertake an acquisitive growth strategy. Ludlow previously developed a network of five regional offices between 2008-2013, during which time it made 12 bolt-on acquisitions.

As part of the deal, Mobeus has introduced Phil Young, formerly founding partner and managing director of ThreeSixty Services, as Ludlow's chairperson.

Mobeus is currently investing from its maiden institutional fund, Mobeus Equity Partners IV, which held its latest closing in May 2017 on £140m. The GP – which has historically focused on the management of VCT funds – launched the new vehicle early in 2016 with a hard-cap of £150m. The move came shortly after UK regulatory changes were introduced limiting the types of deals permissible to VCT funds. In particular, the regulations mean VCT funds can no longer take ownership stakes and can only invest in companies under a certain age.

Company
Founded in 1993 and headquartered in Southport, Merseyside, Ludlow is a financial advisory and asset management business. The company has around £850m in assets under management, according to a statement.

Ludlow generates £1.6m in EBITDA, unquote" understands.

People
Mobeus Equity Partners – Chris Price (partner); Freddie Bacon (investment manager).
Ludlow Wealth Management Group – Ian Hemingway (managing director).

Advisers
Equity – Squire Patton Boggs (legal); PwC (financial due diligence); CIL Consultants (commercial due diligence); Huntswood (regulatory due diligence); Highwire (management due diligence).
Vendor – Seneca Corporate Finance (corporate finance); Napthens (legal).

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• Topics
• Buyouts
• UK / Ireland
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• United Kingdom
• Mobeus Equity Partners