Selling a business

Automated Systems Group

Adviser to Mobeus and Automated Systems Group on their secondary buyout to Primary Capital.

The deal

Acting as lead adviser to the management team and Mobeus Equity Partners, our Corporate Finance team has successfully completed the sale of Automated Systems Group Ltd (ASL) to Primary Capital.

ASL is one of the largest established managed-office services suppliers in the UK. With nine sites across the Midlands and South East, ASL work with over 5,000 customers nationally, supplying the latest technologies in print, unified comms and IT infrastructures.

Mobeus originally invested in ASL in 2010 to support the management buyout and fund the buy and build strategy which included ten acquisitions. The acquisitive growth was accelerated from 2017 with the acquisitions of ICA and Geerings completed in 2018. This followed the engagement of the team debt advisory team in 2017 to obtain an increased funding facility which was secured following a market process through Santander Growth Capital to fund the continuing acquisition strategy of the business and provide working capital facilities. The team has maintained active dialogue with the company and combined with an ongoing relationship with Mobeus, the team were appointed as Lead advisers in 2018 on the transaction.

The team conducted a full sales process, which involved marketing the business to a number of potential private equity investors in the UK, prior to agreeing the sale to Primary Capital. Primary’s investment portfolio includes, leading specialist rail services provider Readypower; online professional education platform ICS Learn; technology enabled professional services firm Maru Group; and speciality signage material manufacturer Metamark.

“This is an important and significant milestone for ASL that will enable us to continue to grow our business both organically and acquisitively in the market. Having acquired 10 businesses in the last 10 years, we look forward to the new opportunities that the investment will bring as we continue to drive better business performance for our customers. The team worked closely with ASL to ensure that we find the right investor for the needs of our business. Their advice in approaching the market and eventually choosing Primary Capital has been invaluable to enable this important and significant milestone to proceed. We look forward to the new opportunities that the investment will bring to continue to grow our business both organically and acquisitively in the market.” Mark Garius, Managing Director at ASL.

“We are delighted with the successful outcome and would like to thank the team for their support throughout our investment and during this sales process. The team were integral to the success of this process and worked exceptionally hard to find the correct buyer to ensure the continued growth of the business. As is often the case, there were multiple stakeholders to consider and the team did a fantastic job managing occasionally conflicting positions to ensure the best outcome for everyone involved. We have worked with the team on previous transactions and they continue to demonstrate the value of high-quality Corporate Finance advice.” Ed Wass, Portfolio Director at Mobeus Equity Partners.

Deal summary

Sector:

Business Services

Deal type:

Company Sale - PE Owned

Deal size:

Undisclosed

This is an important and significant milestone for ASL that will enable us to continue to grow our business both organically and acquisitively in the market. Mark Garius Managing Director at ASL

Related team

Clive Hatchard

Clive Hatchard

  • Partner
  • Corporate Finance
  • London West End, Reading

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