UK - Octopus generates 98% IRR on exit from clinical trials recruitment company

Octopus Investments has sold clinical trials recruitment business James Harvard International, and James Harvard Japan to Hays Plc. Hays has paid £24m initial cash consideration, with a further earn-out estimated to be £19m over three years. This exit represents an IRR for Octopus of 98% and a cash-to-cash multiple on the upfront consideration of 2.4x, rising to a potential 3.6x if the full earn-out is paid.