Mobeus reaps 5.6x on Plastic Surgeon sale to Triton's Polygon

The transaction represents an IRR of 20.5%, according to a statement, and brings an end to an 11-year holding period for the vendor.

The bolt-on for Polygon comes one month after the property damage restoration group acquired Netherlands-headquartered Vanwaarde.

Mobeus invested in Plastic Surgeon at the peak of the global financial crisis, which had a heavy impact on the group's key housebuilding market. The business diversified its client base to include new markets such as the insurance and facilities management spaces. It also invested in its technology and in marketing activity.

Triton backed Polygon from The Triton Fund III in 2010, starting a buy-and-build strategy with the acquisition of the moisture control services division of Munters. It combined the business with a Germany-based provider of damage handling services, Vatro Trocknungs- und Sanierungstechnik, in 2011.

Previous funding
Mobeus invested £2m in the management buyout of Plastic Surgeon in 2008.

Company
Founded in 1988 and headquartered in Bovey Tracey, Devon, Plastic Surgeon provides cosmetic repair services for surfaces including ceramic, UPVC, brick, stone and glass. It specialises in fine finishing and has clients across the construction, insurance and facilities management sectors.

People
Mobeus Equity Partners – Bob Henry (partner).
Plastic Surgeon – Rob Mouser (CEO).

Advisers
Vendor – Momentum Corporate Finance, Alastair Boorman, Richard Double (corporate finance); TLT (legal).

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• Topics
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