Albion reaps 3x multiple on Hilson Moran sale to Tyrens

Over the course of the investment, the GP generated returns of £12.1m, equivalent to a 3x multiple and an IRR of 43%.

Albion deputy managing partner Will Fraser-Allen declined to comment on the deal valuation when approached by unquote", citing confidentiality agreements. It is understood the firm held a minority stake in Hilson Moran.

Following the transaction, the company will continue to trade under the Hilson Moran brand, with the management team retaining a stake.

Since Albion's investment, Hilson Moran has developed its expertise in stadium construction and expanded its operations in the Middle East, Fraser-Allen told unquote". As a result it has won a number of contracts related to the 2022 FIFA World Cup in Qatar. It has also expanded its operations in specialist services related to infrastructure projects, including electricity networks for large-scale developments.

Hilson Moran's revenues increased to £24m in 2016 from £22m the previous year, with operating profit increasing from £1.7m to £2.4m, according to publicly available documents. Though the majority of its revenues are in sterling, the company has benefited from currency fluctuations following the Brexit vote as a result of its operations in the Middle East.

Previous funding
Albion first invested in Hilson Moran as part of a £5m management buy-back from Altran Technologies in January 2012.

Company
Founded in 1977, London-headquartered Hilson Moran is an engineering consultancy operating in the property and industrial sectors. It focuses on building services, sustainability, vertical transportation, acoustics, security, smart buildings, fire engineering and facilities management.

Hilson Moran has a headcount of around 220.

People
Albion Capital – Will Fraser-Allen (deputy managing partner).
Hilson Moran – Chris Plummer (managing director).

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