Alcuin sells AVMI to trade

Unquote understands the firm is expected to generate 5x money for an IRR of around 30% when taking into account refinancings.

Kinly is a visual communications specialist that generated €165m in revenues in 2019.

AVMI made several acquisitions during Alcuin's holding period, including Impact Marcom in 2012 and Focus 21 in 2018, and has made nine since 2005. It also underwent several refinancings over the eight-year holding period.

Previous funding
An initial £2.65m investment in AVM (as it was then known) was made via Octopus's Eclipse Venture Capital Trust funds in 2006.

In June 2012, Octopus Investments realised its stake through an SBO backed by Alcuin Capital, returning 2.5x money to investors. Alcuin's investment was backed by mezzanine financing provided by Indigo Capital. The initial deal value is said to be around £20m.

At the time of the investment, Alcuin was investing from its third fund, which closed on £100m. It has realised several assets including TileCo, Osprey Group and Krispy Kreme UK.

Company
Established in 1990, AVMI is a visual communication systems integrator providing a range of video conferencing and audio-visual services to the private and public sectors. The company reported EBITDA of £6.3m for the year ending in 30 June 2019 from revenues of £81m. The company is based in Sunbury-On-Thames.

People
Alcuin Capital Partners – Adrian Lurie (partner).
AVMI – Ed Cook (CEO).

Advisers
Vendor – Raymond James (corporate finance); Addleshaw Goddard (legal); Osborne Clarke (legal); KPMG (financial due diligence).
Acquirer – Lincoln International (corporate finance); Nielen Schuman (debt advisory); DLA Piper (legal); KPMG (financial due diligence).

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• Topics
• Exits
• UK / Ireland
• Support services
• United Kingdom
• KPMG
• Addleshaw Goddard
• DLA Piper
• Osborne Clarke