NorthEdge backs MBO of Phoebus Software

Financial details of the transaction remain undisclosed, though the GP is currently investing from two funds; £300m vehicle NorthEdge Capital Fund II and £120m vehicle SME Fund I, the latter of which deploys equity tickets of £2-10m. According to publicly available documents, Phoebus generated an operating profit of £955,000 from a turnover of £9m in 2017.

Phoebus founders Robert Lintonbon and Peter Pontefract have exited the business via the transaction, with CEO Paul Hunt, sales and marketing director Richard Pike and technology director Neil Dyke remaining in their roles. NorthEdge investment director George Potts will take a seat on the company's board of directors.

Phoebus will undertake a recruitment drive and invest in product development under its new owners.

Company
Founded in 1989 as a subsidiary of Heritable Bank, Solihull-headquartered Phoebus develops origination and account servicing software related to residential and commercial mortgages, equity release, bridge loans, asset finance and savings. The business has a headcount of 130.

People
NorthEdge Capital – George Potts (investment director); Rob Freer (director, head of Midlands).
Phoebus Software – Paul Hunt (CEO).

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• NorthEdge Capital