An £11 million management buy-out of Veritek Global has moved Mobeus Equity Partners past the £20 million level during 2013.
A debt and equity funding deal involving Veritek Global has given the outsourced technical services business the funds it needs to expand its European presence.
Eastbourne-based Veritek provides installation, maintenance and support services for businesses in the imaging equipment sector. It currently works with those involved in the photographic, healthcare, ophthalmic, graphics and digital cinema markets, and posted recent revenues of £25 million.
Investment deals for Mobeus in 2013 have included the £4.5 million support it gave to portfolio company ATG Media to close an acquisition, a debt and equity finance for the management buy-out (MBO) of Gro Group and additional £3.2 million to car valeting business Motorclean.
The Veritek MBO is being led by managing director Jim Edgar and finance director Jonathan Briant. Also joining is Peter Shawyer, non-executive director of HSBC Bank and chairman of M&S bank, who is coming in as investing chairman.
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Edgar comments, ‘Jonathan and I are excited by the opportunities in front of us. Mobeus has been a fantastic partner though this process.
‘Having understood the business quickly, they have consistently delivered against timeframes and taken a pragmatic approach to what has at times been a complex truncation.’
As well as using its new funding to pursue European growth, Veritek will also be broadening its services to new sectors.
Adrian Teulon and Noritsu, the original owners of the company, will no longer have any involvement with the business.
Chris Price, investment director at Mobeus, says that Veritek is a ‘superbly managed business’.
He adds, ‘We are confident that our flexible debt and equity solution will enable the team to take advantage of these growth opportunities and enable Veritek to become the leading service and maintenance supplier to the European imaging market.’