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UK - BancBoston makes 15x money on Aquila exit

Guy
06 March 2006

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BancBoston Capital has notched up a 15.2x net return on the sale of its shares in the UK-based Aquila Group Holdings Ltd. This tops a stellar run of exits for the firm. Returns on BancBoston Capital’s recent transactions include 6.5x on the sale of Pompe Gabbionetta S.p.A. (Italy) to The Weir Group plc; 6.0x on the sale of its interest in the Unity Brands Limited (UK) to the incumbent management; 7.4x return on the IPO of Kongsberg Automotive Holding ASA (Norway); 5.0x on the sale of Orange Romania S.A. (Romania) to France Telecom S.A.; and, over 3.0x on the sale of Menzies Hotels Group Limited (UK) to Nikko Principal Investments Ltd.

In 1998, BancBoston Capital led the buyout of Aquila, formerly Watson Wyatt Software Systems, from Watson Wyatt LLP (now Watson Wyatt Worldwide, Inc.). As the only institutional investor in Aquila, BancBoston Capital played an active role and worked closely with chairman Finlay Ross and chief executive David Ackroyd. Aquila prospered in its independence: after first improving pricing and cost control, the company increased revenues and profits in every year and acquired Heywood, a competitor with a complementary client base, in October 2002.

Aquila is the largest supplier of pension administration software solutions in the UK and Ireland. Its administrator and AXISe software packages are used in the management of public and private pension schemes, personal pensions, life cover, and permanent health benefits. The company develops, supplies and supports packaged administration software, in addition to providing associated consultancy services. Aquila is the market leader in the Financial Services, Corporate Pensions, and Third Party Administration segments.