Mobeus reaps 2x on BIH exit

Mobeus, which is currently in the midst of an "asset disposal phase", realised £6m on the sale, although the enterprise value of BIH has not been disclosed.

The firm will retain a stake in the company, as well as continue to provide a small, existing debt package for BIH.

The deal has allowed BIH to repay its institutional borrowings in full and has apparently made Patriot the largest British helicopter company in the UK.

Mobeus acquired BIH in a secondary management buyout from 3i in July 2006. The deal gave BIH an enterprise value of £20m, £5m of which was provided as equity in the transaction by equity lead Mobeus, Chrysalis VCT and Finance Cornwall. BIH's management invested in return for a majority stake and a senior debt facility was provided by Bank of Scotland.

Company
BIH was founded in 2000. It is headquartered in Sherborne, Dorset, and employs 100 staff.

The company offers a fleet of helicopters to both military and civilian customers in the UK and overseas. It operates a total of 11 helicopters and its clients include the Ministry of Defence and the Royal Navy.

People
Mike Walker is a partner at Mobeus and sat on BIH's board as a non-executive director. Anthony Jones and Peter Sorby are BIH's managing director and deputy managing director respectively.

Advisers
Vendor - Bond Dickinson, Simon Hewes (Legal); Smith & Williamson, David Roper (Financial due diligence, tax).
Acquirer - Wragge & Co, Baljit Chohan (Legal).

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• Mobeus Equity Partners
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