Elysian sells Wellbeing for 4.5x return

Trade buyer Citadel acquired the company for £103m. The listed technology company made the acquisition to grow its presence in the UK and expand its product suite.

The sale of Wellbeing represents the sixth exit from Elysian Capital I, which closed on £130m in 2010. The firm is currently investing from its second-generation fund, which closed on £250m in July 2015.

Previous funding
In 2014, Elysian backed the management buyout of Wellbeing. The new funding was used to expand the company's product range.

Company
Wellbeing is a provider of radiology and maternity software that manages patient workflow and data. Based in Mansfield and founded in 2013, the company generated turnover of £15m in 2018, up from £14.4m in 2017. The company's adjusted EBITDA was £5.9m in 2018, up from £5.4m in 2017.

People
Elysian Capital – Ken Terry (CEO).
The Citadel Group – Mark McConnell (CEO, managing director).
Wellbeing Software Group – Graham Ridgway (CEO).

Advisers
Vendor – Raymond James (corporate finance); Stephenson Harwood (legal); LEK (commercial due diligence); KPMG (financial due diligence); Crosslake (IT due diligence).

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• Topics
• Exits
• UK / Ireland
• Technology
• United Kingdom
• Trade sale
• KPMG