Mobeus Equity Partners has backed the 18 million pound ($28 million) management buyout of Tessella Limited, a provider of science-powered technology and consulting services. Specific terms of the deal were not released. This is Mobeus’s first transaction since the team announced its own management buyout from Matrix Group earlier this month, the firm said.
Mobeus Equity Partners (Mobeus) has backed the £18 million management buyout of Tessella Limited, a leading provider of science-powered technology and consulting services. This is Mobeus’s first transaction since the team announced its own MBO from Matrix Group earlier this month.
Tessella works for blue-chip clients around the world to deliver solutions to highly complex technical and commercial problems. Tessella’s projects include:
working with the European Space Agency to design a satellite to send to the sun;
flood water and defence modelling for the UK Government;
supporting JET’s research into nuclear fusion power generation; and
improving safety on oil rigs for major international oil companies.
Guy Blackburn led the investment for Mobeus and comments:
“Tessella is a world- classUKtechnology business and a great example of the type of company thatBritainis capable of producing. The company works for leading international organisations, helping to solve some of the most important and technically challenging problems of our time. Tessella employs very talented people with excellent scientific and academic credentials to provide very high quality, specialist design and problem solving services on a global basis. Mobeus is delighted to have backed the existing management team in their MBO and we look forward to supporting Tessella’s further international expansion.”
Tessella is headquartered in Abingdon and employs over 200 people across the UK, the Netherlands and the USA. The company recorded a turnover in excess of £18 million for the financial year ended 31 March 2012. Mobeus Operating Partner Steve Curl joins Tessella as investing Chairman and the company’s founder, Kevin Gell, remains on the board in a non-executive capacity. Guy Blackburn and Tom Chaloner will join Tessella’s board to represent Mobeus.
Alan Gaby, Managing Director of Tessella, led the MBO for the management team and comments:
“We are thrilled to have completed our MBO. Mobeus’s straightforward and management- friendly approach was a real differentiator. We look forward to working with them to grow the business.
Having been in the business for the last 5 years, my team and I are excited by our plans for the future. We have the experience, energy, resources and – above all – the people to make an even greater positive impact for our clients.”
Issued by Mobeus Equity Partners LLP, of 30 Haymarket, London, SW1Y 4EX, registered in England & Wales number OC 320577, authorised and regulated by the Financial Services Authority, number 456538. This material is for information only and does not constitute an offer to buy or sell an investment nor does it solicit any such invitation. The information contained in this email is believed to be accurate at the date of publication but no representation or warranty stated or implied is made or given by any person as to its accuracy or completeness and no responsibility or liability is accepted for any such information or opinion.
Mobeus Equity Partners LLP [‘Mobeus’]
Mobeus is a leading UK VCT Manager with a focus on MBO transactions. Mobeus advises four Income & Growth VCTs with approximately £150 million Funds under Management. Mobeus is owned by its executive management following the team’s MBO from Matrix Group in June 2012.