Mobeus backs £11.3m BIMBO of CGI

Ellie Pullen
02 June 2014

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Mobeus Equity Partners has supported the ТЃ11.3m buy-in management buyout (BIMBO) of Creative Graphics International (CGI), a UK- and South Africa-based manufacturer of graphics and labeling.

The firm provided a combined debt and equity package for the deal. Mobeus also brought in South African private equity firm Coro Capital to take part in the transaction.

Mobeus acquired its stake in CGI from company owner Steven Perry, who has retained a shareholding in the business. CGI's management was led by group managing director Peter Owen and South African operations director Shaun Rosenstein.

Mobeus has brought in Mel Goodliffe as sales director for the company, as well as Simon Barrell as finance director and operating partner Kevin Finn as executive chairman. The three new management team members invested in the buyout alongside Owen and Rosenstein.

The deal was introduced to Mobeus by Smith & Williamson Corporate Finance.

Company
Founded in 1971, CGI is headquartered in Bedford with an additional office in Cape Town. The company designs and manufactures external graphics and labels for the aerospace and automotive industries. Customers include Virgin Galactic, Ryanair, Ford and Mercedes-Benz.

The company generates revenues of around £11m and employs 228 staff – 43 in Bedford with the remaining 185 located in Cape Town.

People
Peter Owen is the CEO of CGI. Chris Price is an investment director at Mobeus.

Advisers
Equity – Squire Sanders, Tim Hewens, Claire O'Connor (Legal); Bowman Gilfillan, Lischa Gerstle (Legal); Grant Thornton, Peter Dawson, Richard McGarvie (Financial due diligence); Fairgrove Partners, Patrick Woodrow, Paddy Woods Ballard (Commercial due diligence); Alaco, Lindsay Hufton (Management due diligence); Resolve Group, Neil Jones (Debt); PwC, Philip Hare (Tax).
Management – Smith & Williamson Corporate Finance, Matthew Pearson, Ray Abercromby (Corporate finance, tax); SGH Martineau, Richard Wrigley (Legal).
Vendor – Smith & Williamson Corporate Finance, Iain Lownes (Corporate finance); Hill Hofstetter, Graham Muth, Phoebe Matthews (Legal).