Mobeus exits Vectair for 8.3x return

A consortium of US investment funds, including Oxbow Industries and Arcspring, has invested in Vectair, alongside management.

Oxbow seeks to invest in mid-market companies with revenues of $20-250m. Arcspring invests in management buyouts and growth capital deals in the range of $5-50m.

During the holding period, Mobeus aimed to position Vectair for investment from US-based backers. Vectair has grown revenues by more than 4.5x, driven by North American sales growth, while profits have increased eightfold over the period, according to a statement.

Previous funding
Matrix Private Equity Partners, as Mobeus was known at the time, backed the management buyout of Vectair in a £3.5m deal in 2006. Matrix committed £1.1m to acquire a significant minority stake in the business, while the company's management team reinvested cash and rolled over its existing investment as part of the transaction. The deal was supported by a senior debt package from Bank of Scotland.

Company
Headquartered in Hampshire, with US headquarters in Memphis and manufacturing facilities around the world, Vectair makes scent diffusing machines. It was founded in 1988.

People
Mobeus – Clive Austin (partner).

Advisers
Management – Spectrum Corporate Finance (corporate finance); White & Black Legal (legal).

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• Topics
• Exits
• UK / Ireland
• Consumer
• Venture
• Mobeus Equity Partners
• United Kingdom
• Secondary buyout