Parsley Box floats in £84m IPO, Mobeus reaps 4.2x return

The market capitalisation of Parsley Box, based on the placing price of 200 pence per share, was approximately £83.8m. The offering was oversubscribed, attracting interest from blue chip institutional investors.

This is the second IPO completed by a portfolio company of Mobeus this month, following the listing of Virgin Wines in a £110m placement.

Mobeus VCTs achieved a 4.2x return, 144.4% IRR and a locked-in overall cash return of 1.4x. The firm sold one third of its holding, while remaining the largest institutional shareholder in the business with a 14% stake.

Previous funding
Mobeus first invested in the business in 2019 and subsequently backed it with additional funding for a total of around £4m.

Company
Headquartered in Edinburgh, Parsley Box offers a range of ready meals delivered to its customers' doors the next working day. The ambient range has a shelf life of up to six months and does not have to be kept in the fridge or freezer.

The company has also expanded its offering to include wines, spirits, cakes and desserts, as well as gifting options such as chocolates.

Parsley Box generated revenue of £24.4m in 2020.

People
Mobeus Equity Partners – Josh Henshaw (partner); Clive Austin (head of portfolio).
Parsley Box – Kevin Dorren (CEO).

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• Topics
• Exits
• UK / Ireland
• Consumer
• Mobeus Equity Partners
• United Kingdom
• IPO
• Partial sale