Elysian Capital sells Volvox Group to Rubicon

John Hall, the CEO of Volvox, which had been backed by Elysian in 2011, will retire from the business following the deal.

Rubicon describes itself as an investment partnership with a longer-term focus in comparison to traditional private equity. Lloyds supported the deal by arranging a senior debt package as well as working capital facilities.

Elysian bought Volvox from LDC in 2011, in a deal confirmed at the time to be worth less than £25m, which was also financed by Lloyds on the debt side. LDC had acquired the business in a £12.3m deal in 2005, providing £5m in equity.

Elysian completed the 2011 buyout via its maiden fund. This marks the third exit for the vehicle in the space of eight months – the GP notably reaped a 2.6x multiple on the sale of IPS to Beechbrook at the end of last year.

Since the 2011 deal Volvox has undergone a strategic review that resulted in Arctic Products, a subsidiary addressing the plumbing and heating markets, being sold in July 2014 in order for the group to focus on the automotive and transport markets.

Company
Based in Leeds, Volvox Group supplies lighting, electrical and consumable products to the transport industry and automotive aftermarkets. It targets both professional and private customers.

People
Operating partner James Cunningham led the deal for Elysian.

Advisers
Vendor, management - PwC (Corporate finance); Squire Patton Boggs (Legal).

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