Livingbridge sells Up Group to Omers-backed Alexander Mann

Up Group is expected to expand its team and international operations following the acquisition.

New Mountain Capital sold Alexander Mann Solutions to Omers Private Equity for an enterprise value of £820m in May 2018. According to sources cited by Unquote sister publication Debtwire, the deal represented an entry multiple of almost 16x the company's EBITDA.

Livingbridge has invested in a number of recruitment businesses, with past investments including Nigel Frank International, Armstrong Craven and Staffline. The exit was "fruitful" according to a statement.

Livingbridge and The Up Group declined to comment.

Previous funding
Livingbridge invested £8m in Up Group in April 2016, drawing equity from Livingbridge Enterprise 2, which closed on £220m in September 2015.

During the holding period, revenues have grown by 50% and its headcount has doubled.

Company
London-based Up Group was founded in 2007. It is a digitally focused talent search and networking adviser. It operates additional offices in Dublin, Paris, Barcelona, Amsterdam, Stockholm and Berlin.

People
Livingbridge – Mark Turner (investment professional).

Advisers
Vendor – Arrowpoint Advisory (corporate finance); Shoosmiths (legal).

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