Epiris Managers LLP, acting on behalf of its client Electra Private Equity PLC.(ELTA.L), announced Thursday that its portfolio company AXIO Group has sold OAG, an aviation information and intelligence company, to funds managed by Vitruvian Partners for approximately $215 million.
This is the fifth major realisation from AXIO's portfolio.
Electra has received proceeds from AXIO of 104 million pounds, an uplift of 37% and equivalent to an increase in its NAV of 60 pence per share on the valuation of Electra's investment at September 30, 2016.
The sale has increased the total cash proceeds received by Electra from its investment in AXIO to more than 350 million pounds.
Based in Luton in the UK, OAG is a provider of flight information and related analytical tools.
Alex Cooper-Evans, Partner at Epiris, said, "OAG is another AXIO success story. The business has been transformed during the period of our ownership with strategic focus, operational improvement and investment. OAG has grown earnings at more than 30% a year since 2013 and now has a clear strategy to continue its growth in the future.... The remaining businesses, RISI and TechInsights, have been repositioned since 2013, not only strategically but also in terms of scale, with earnings having more than quadrupled."
The company noted that Alex Fortescue, Alex Cooper-Evans and Sarah Williams are responsible for the investment in AXIO Group.
by RTT Staff Writer
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