Mobeus supports Veritek MBO

The London-based private equity firm provided a combined debt and equity funding package for the MBO, which also involved Veritek managing director Jim Edgar and financial director Jonathan Briant. Both have been with the company for the last five years. RBS provided asset-based lending for the business.

In June this year, Mobeus exited British International Helicopter Services, reaping a 2x money multiple. Veritek marks Mobeus's second MBO this year after backing the management buyout of nursery group Gro Group in March. Mobeus also provided further funding for two of its portfolio companies, injecting £3.2m into specialist car valeting business Motorclean in February and adding £4.5m to its investment in ATG Media in April.

Company
Founded in 1985, Eastbourne-based Veritek provides technical service, support and maintenance for equipment used in the photo imaging, healthcare, digital cinema, digital print and graphics sectors.

Veritek employs 300 staff across 10 countries. The company is said to have revenues in excess of £25m.

 

People
Jim Edgar is managing director at Veritek, while Jonathan Briant is financial director. Chris Price is investment director at Mobeus. Peter Shawyer, operating partner at Moebus, joined Veritek's board as investing chairman.

Advisers
Equity – asb law (Legal); Grant Thornton (Financial due diligence); Armstrong Transaction Services (Commercial due diligence); Alaco (Management due diligence); PwC (Tax).
Management – HMT (Corporate finance, tax); DLA Piper (Legal).

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