Graphite backs £72m MBO of YSC from Livingbridge

The deal generated a 2.4x multiple for Livingbridge, a spokesperson for the firm told unquote".

A spokesperson for Graphite told unquote" the acquirer took a majority stake in the company as part of the transaction.

YSC's management team reinvested a "large portion" of their sale proceeds, according to a statement, and will remain in their current roles following the deal.

The transaction came after a competitive sales process and is the ninth investment made by Graphite's £500m eighth fund, which held a final close in November 2013. According to unquote" data, the vehicle was 66% deployed as of November 2016, and the company has only made one other investment since (medical software developer Random42).

Livingbridge invested £18m in the £38m management buyout of YSC in July 2013. Under Livingbridge's tenure, YSC has undertaken an international expansion strategy, opening new offices in Toronto and Dubai. It has increased its headcount from 120 to 220 during the holding period.

Debt
Lloyds and HSBC provided a debt package to support the transaction.

Company
Headquartered in London and founded in 1990, YSC provides consultancy related to management and board executives. It has operations in 17 countries across Europe, North America, South Africa and the Asia Pacific region with a total headcount of 220. Its clients include Qantas, HSBC, Diageo, GlaxoSmithKline, Tesco, BHP, Li & Fung and BP.

It is understood YSC generated a turnover of £27.3m in the year ending in April 2016, with an operating profit of £4.46m.

People
Graphite Capital – Mike Tilbury, Simon ffitch (senior partners); Humphrey Baker, Rachael Baker (partners); Sophie Davies (investment executive).
Livingbridge – Liz Jones (partner).
YSC Consulting – Robert Sharrock (CEO).

Advisers
Equity – Catalyst Corporate Finance, Richard Holden, Richard Benyahia, Claire Carpenter (corporate finance); Macfarlanes, Ian Martin, Alexander Green, Ceri-Ann McGraa (legal).
Vendor – Deloitte, Byron Griffin, Angus Miller, Fred Dearden (corporate finance); Pinsent Masons, Andrew Masaraf, Ed Stead, Amie Norris (legal).

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• Topics
• Exits
• Buyouts
• UK / Ireland
• Support services
• United Kingdom
• Livingbridge
• Graphite Capital
• Secondary buyout