Mobeus sells Biosite to Assa Abloy

Unquote understands that the deal value is £25-50m.

The management have retained a minority stake in the company. The entire management team, except for the company's technical director, will stay on in their positions.

Mobeus investment partner Amit Hindocha said: "The offer came from an inbound approach from Assa Abloy. They were one of a small number of trade buyers we identified that would be appropriate buyers. The management team felt comfortable with their team and we were able to agree a deal without having to run a wider process."

Assa Abloy is a Stockholm-headquartered corporation. It offers products and services ranging from locks, doors, gates and entrance automation. The company had a market capitalisation of SEK 242.87bn at the time of publication. Said Hindocha: "It's a huge business with great exposure that will increase the potential for Biosite's international expansion."

Previous funding
Mobeus invested an initial £2.75m in 2016 from its VCT funds. The firm later invested another tranche of £3m. During the investment period, Biosite made two small acquisitions and expanded into France, other parts of continental Europe and the US. The company's debt facilities were provided by Bank Leumi.

Company
Founded in 2010 and headquartered in Solihull, Biosite's product range includes biometric access control, wireless fire alarms, online induction, corporate reporting, delivery management, CCTV, document management and security guards. Biosite has grown annual revenues from £4.5m to £14m and staff from 50 to 180 since 2016, according to a statement. The company is EBITDA positive.

People
Mobeus – Amit Hindocha (investment partner).
Biosite – Li Wang (managing director).

Advisers
Vendor – PwC (corporate finance); Browne Jacobson (legal).

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