Epiris is pleased to announce that its portfolio company, AXIO Data Group (“AXIO”), has completed the sale of Breakbulk, the specialist logistics intelligence business, to ITE Group plc, the international exhibitions group.
This is the second major realisation from AXIO’s portfolio following the completion of the sale of the JOC Group which was announced earlier this month.
Electra Private Equity PLC (“Electra”) will receive net proceeds from AXIO of £10 million in relation to the sale of Breakbulk. This takes total cash proceeds from Electra’s investment in AXIO to £76 million, or more than 80% of original cost.
Breakbulk is the world's leading brand name in specialised logistics intelligence. Breakbulk's exhibitions, congresses, workshops and media products serve logistics executives working in the oil & gas, traditional / renewable power generation, mining and infrastructure / construction markets. The company hosts six annual events with over 14,000 paying attendees which bring together the world’s top breakbulk and project cargo logistics executives for education, strategy creation, business development and networking.
Electra invested £91 million in AXIO in April 2013. Following the sale of the JOC Group and Breakbulk, AXIO today comprises five market-leading information businesses providing critical, and often industry-standard, information and tools. Operating in over 25 countries worldwide, the group’s brands include Vidal and MIMS in the healthcare sector, TechInsights in the intellectual property licensing sector, OAG in the global transportation sector and RISI in the forest products sector.
Alex Cooper-Evans, Partner at Epiris, said:
“This is another strong result for Electra with a second sale of an AXIO business in as many weeks. Henry Elkington and his team have been working hard to drive performance in AXIO’s individual businesses and make each of them attractive to strategic acquirers. The sale of Breakbulk is another excellent example of this strategy bearing fruit.”
Henry Elkington, CEO of AXIO Data Group, said:
“Breakbulk is the premier exhibition brand in specialised, heavy lift transportation and logistics. Revenue has grown at over 14% CAGR over the last three years as the number of exhibitors and paid attendees have expanded. We also increased re-booking and cross-selling rates. As one of the world’s leading exhibition organisers, ITE Group plc is a natural home for Breakbulk. We wish the Breakbulk team all the best for the future.”
Alex Fortescue, Alex Cooper-Evans and Sarah Williams are responsible for the investment in AXIO Data Group.
Today's announcement continues a very busy year for Epiris. This realisation follows the sale of the JOC Group earlier this month, the partial realisation of Premier Asset Management in September 2014 and the disposal of Electra's stake in LondonMetric Property in June 2014. On the new investment front, Epiris has completed four control buyouts and, including bolt-on transactions, 10 deals in total since September 2013.
Epiris refers to Epiris LLP acting on behalf of its client Electra Private Equity PLC.
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For further information please contact:
Andrew Honnor and Matthieu Roussellier, Greenbrook Communications +44 (0)20 7952 2000
Andrew Kenny and Nicholas Board, Epiris +44 (0)20 7306 3932
Note to Editors:
About Epiris LLP
Epiris is an independent private equity fund manager with over 25 years' experience in the mid-market. During the last 25 years it has invested in excess of £4.4 billion in more than 200 deals and realised £6.3 billion. As at 30 September 2014, the firm had funds under management of over £1.6 billion including capital available for investment of circa £300 million.
Epiris’ flexible investment strategy allows it to invest broadly across the private equity market with a particular focus on Buyouts and Co-investments, Secondaries and Debt. In addition to this, its long-term capital base means it is not constrained by expiring investment periods or exit pressure driven by fund raising cycles and is therefore able to realise investments only when returns are maximised for its investors.
The firm's major client is Electra Private Equity PLC (“Electra”), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra’s long-term investment performance has been consistently superior to private equity and other benchmarks. Over the ten years to 30 September 2014, Electra has seen diluted NAV per share growth of 262% (equivalent to a ten-year annualised return on equity of 14%) compared to a 120% increase in the FTSE All-Share.
For further information please visit www.electrapartners.com.
Epiris LLP is authorised and regulated by the Financial Conduct Authority.