Mobeus sells Bourn Hall to Canadian investor Triangle Healthcare

The sale resulted in total cash proceeds for three of the Mobeus-advised VCTs of £5.7m, representing a 1.6x money multiple on original cost of £3.5m.

The Canada-based investor and acquirer of this asset, Triangle Healthcare Partners, will aim to grow Bourn Hall into a global brand, exploring acquisitions in the UK and internationally.

Previous funding
Mobeus invested £3.5m in a combined debt and equity package for the company in 2014 for a minority stake in the business.

The business was significantly impacted by the coronavirus pandemic as the company was instructed to close its operations. It furloughed most of its staff and took out a Coronavirus Business Interruption Loan Scheme loan, according to its annual report published on 18 November 2020.

Company
Bourn Hall is a provider of fertility services. Its Cambridge clinic was founded in 1980 by Robert Edwards and Patrick Steptoe, the scientists whose work led to the birth of the first test-tube baby. The company generated revenues of £10.9m in 2019, down from £12m in 2018.

People
Mobeus – Ed Wass
Bourn Hall – Mike Macnamee (CEO).

Advisers
Vendor – Grant Thornton (corporate finance); Mills & Reeve (legal); PEM (financial due diligence); Birketts (legal).

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• Buyouts
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• Mobeus Equity Partners
• Secondary buyout