GP Profile: Mobeus Equity Partners

Click here to view a complete profile of Mobeus Equity Partners, including a comprehensive list of LPs and their individual commitments, as well as up-to-date portfolios, on unquote" data

Since registering its first institutional fund last February, Mobeus Equity Partners IV has received commitments from 12 LPs. The most recent were Debyshire County Council and The Colorado Health Foundation last month, which signed up and increased their contribution respectively, according to companies house filings.

According to unquote" data, the fund was launched a year ago with a £150m target (set to be reached by the end of 2017). A first close of £78m was touted in July last year with a second close due soon.

Mobeus IV is the first fund raised since the GP rebranded after a management buyout led by its executive directors in 2012. Previous funds under the Matrix Private Equity Partners brand include Matrix Enterprise Fund, Matrix Enterprise Fund II, Matrix Income and Growth 3, Matrix Income and Growth 4 (a VCT). The GP has roughly £220m in funds under management across four evergreen VCTs, investing up to £5m for growth capital to UK SMEs.

There are currently 35 portfolio companies with Mobeus investment. A total of 27 are MBO transactions with the remaining eight being growth capital deals. The GP invests across sectors and its investments range from IVF clinic Bourn Hall acquired in 2014 to baby sleep solutions provider Gro Company in 2013.

First-time backers
With its roots in venture capital, Mobeus has been the first-time backer of many companies that continued on with private equity backing through subsequent buyouts.

Among others, the GP backed James Gordon and his team at DiGiCo, which went on to four MBOs with the same business in less than 10 years. Mobeus (under the Matrix brand) first acquired a minority stake for £4.6m in 2007.

The GP was also the first backer of Chris Ormrod's Ministry of Cake when it invested £2.1m in 2001. The UK cake producer went on to do a trade sale to Greencore, an MBO with LDC and just last year was sold to Equistone's French portfolio company Mademoiselle Desserts.

Investment buzz
In the last 12 months, Mobeus has invested £2.5m of growth capital in casual dining chain Tapas Revolution; £3m in software group Preservica in December 2016; £4m in Biosite in November 2016; a £9m initial investment towards the buyout of invoice financing facilities provider Factor 21 in November 2016; £2.2m in BookingTek in October 2016; £2.1m in MPB; and £3.7m in Redline Assured Security in March 2016. It also backed the MBO of Kinneir Dufort in September 2016.

In terms of exits, Mobeus (and investment partner Maven Capital Partners) made 6.8x on the sale of facility solutions group Westway Services in December 2015. In the same month, the firm sold analytics software services and consulting company Tessella to Altran Group. The trade sale saw Mobeus generate 2.9x its money and a 42% IRR on the deal, while retaining part of Tessella's business.

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