Mobeus reaps 4.4x money, 64% IRR on Access Partnership MBO to Mayfair

The deal generates a 4.4x multiple on invested capital and an IRR of 64% over a less than three-year hold period, according to a press release from the vendor.

This is the third exit for Mobeus IV, with all of them delivering at least 30% IRR and average MoC of 3.5x. The GP held a final close for its maiden institutional fund on GBP 166m in August 2017, surpassing its initial GBP 150m target. The vehicle has a 10-year lifespan, with a five-year investment period and five-year divestment period, according to Unquote Data.

Mobeus backed Access founder and CEO Greg Francis and his team in November 2019, investing GBP 13m. At that time the company employed 57 people and generated revenues of GBP 11m per annum. Under the sponsor’s ownership, the team grew both organically and through acquisitions. In addition to a GBP 7m refinancing, Mobeus helped Access to complete two bolt-on acquisitions in Singapore, adding circa GBP 1.5m to profits.

The business now employs 120 people and is forecast to generate revenues of more than GBP 25m in the current year, according to a press release. It has revenue growth of over 50% CAGR, alongside EBITDA margins exceeding 30% in recent years. Growth is being driven by the need for companies and regulators around the world to adapt quickly to an increasingly digital and technology-driven agenda, according to a press release from the sponsor.

Mayfair will support Access’s global expansion alongside the development of new services.

Kartesia provided a senior financing package of over GBP 50m to support the transaction, according to a press release from the adviser.

Mobeus is currently raising funds for Mobeus Fund V, which completed its first investment in May 2022.

Consumer and technology focused investor, Mayfair, has over GBP 1bn in assets under management. It launched its second fund in January 2018, with a target of GBP 600m and a final close on its hard cap of GBP 650m in January 2019. The fund follows the strategy of its predecessor, investing around GBP 20m-GBP 50m equities in mainly UK companies in the sectors of media, technology and telecommunication but has an exposure towards the European and US market as well, according to Unquote Data. Mayfair Equity Partners II Sidecar is co-investing alongside the GP's second fund.

Company
Founded by CEO Greg Francis in 1999, Access advises blue-chip technology and telecom clients on achieving entry to new markets on fair terms and maintaining access to existing markets around the world. The company also advises governments, multilateral organisations, and regulatory authorities to ensure that new technology is appropriately regulated. Headquartered in London, with offices in Washington DC, Brussels, Singapore, Abu Dhabi and Johannesburg, the company services clients globally.

People
Mobeus − Guy Blackburn (partner).
Access − Greg Francis (founder and CEO).
Mayfair − Daniel Sasaki (managing partner).

Advisers
Vendor and Access − Houlihan Lokey, Oliver Vaughan and Arthur Callaghan (corporate finance); Osborne Clarke, Tim Hewens (legal).
Equity – Macfarlanes, Alex Edmondson, Jonathan Hock, Matilda Calvert Barr, Emma Bailey, Francesca Bird, Kirstie Hutchinson, Jack Bodkin, Owen Giles, Ross Mullen (corporate & M&A); Raymond James, Laura Maddison, Sergey Gostev, Joe Donnelly, Alessandro Gelfi (corporate finance).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Technology
• Mayfair Equity Partners
• Mobeus Equity Partners
• United Kingdom