Electra's Axio sells JOC to IHS

Following the deal, Electra will receive loan repayments from Axio of £35m, taking the total cash recouped from the business to £64m, around 70% of the total amount invested.

It is understood the sale is also likely to have generated a return on Electra's equity investment.

Electra acquired the group, then the data services business of UBM, in a £148m spin-off deal in February 2013. The GP committed £91.5m from Electra Private Equity and an additional £11.5m from Electra Partners Club 2007.

Following the sale of JOC, the Axio group will comprise six businesses. 

The GP’s strategy for the overall group is to make structural improvements before selling divisions individually to trade buyers. JOC represents the first step in the execution of this strategy.

Under Electra's stewardship JOC's profits grew by 60% in two years, according to the GP.

The partial divestment follows Electra’s £20m sale of a 50.2% stake in UK-based Premier Asset Management to Elcot Capital Management, which completed in September. 

Company
Headquartered in London and founded in 2013 from the spinout of UBM Data Services from parent group UBM, Axio is a business-to-business provider of information services. The JOC brand focuses on data, data analysis and events for the shipping and logistics industry.

People
Electra's deal team for Axio consists of partner Alex Cooper-Evans, chief investment partner Alex Fortescue, investment director Sarah Williams and investment associate Tom Stenhouse. Henry Elkington is CEO of Axio.

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