Deals in Focus

Deals in Focus | UK Mid Cap 16th March 2020
18th March 2020 Atheneum Team
16th March 2020

Key Atheneum Experts

Former VO Customer Success – TotalMobile
Former SVP Global Sales – ServiceMax
Former SVP Head of Product Management – ServiceMax

Key Information

Technology
HQ – UK
Operations – UK

TotalMobile is being marketing for a sale by Horizon Capital, who has yet to appoint an advisor. The mobile workforce solutions provider has consistently produced around £12M in revenue and is projected to have £19M in sales and an EBITDA of £3.5M for FY19; thus could command an enterprise value of £50M. Since its acquisition in 2015, the sponsors doubled the size of the company via acquisitions.

Key Atheneum Experts

Former Wholesale Account Manager – Chi Chi London
Current Global Head of Acquisition – ASOS
Former Experience Director – ASOS

Key Information

Energy
HQ – UK
Operations – UK

The online womenswear retailer, Chi Chi London, may come to market later this year when the retail environment improves. Chi Chi is family owned and sources believe the formal dress specialist would benefit from PE involvement. Annual sales increased to £27.5M in the year to Jan-2018, a 32% improvement on the year before. Their products are stocked by ASOS, Dorothy Perkins, Zalando and House of Fraser.

Key Atheneum Experts

Current Head of Strategy – ASC Healthcare
Formeer CEO – Aurora Group
Current Vice Chair – National Care Association

Key Information

Consumer Discretionary
HQ – UK
Operations – UK

PwC will bring specialist care provider, Precious Homes, to the market with a run rate EBITDA of £10M. The company funded an expansion in 2018 refinancing its debt with Clydesdale Bank. Its operating profit for the year to Jun-18 was £4M and generated £20.5M revenue. Precious Homes offers supported living and residential support via 42 units and specialises on supporting patients with learning difficulties.

Key Atheneum Experts

Current President – Farfetch
Former Chief Growth Officer – Farfetch
Former Executive VP – Net A Porter

Key Information

Consumer
HQ – UK
Operations – UK

VC firm Index Ventures is reportedly working with Goldman Sachs to advise them on bringing menswear retailer, ‘END.’, to market. It is believed to hit the market by the end of this quarter and generated a £50M EBITDA, and £51M in profits. Despite having 3 stores, END. should be viewed as an online retailer; Farfetch, a similar online retailer, could be used for comparison.

Key Atheneum Experts

Former Associate Director – Ascenti
Former NHS Development Manager – Ascenti
Former MD – Total Physiotherapy Ltd

Key Information

Health
HQ – UK
Operations – UK

Arrowpoint Advisory has been brought in by Ascenti Physio, an independent physiotherapy provider, to evaluate potential strategic options; including a sale. The company provides physio and musculoskeletal services nationwide and has 300 clinicians. Its clients include the NHS, private sector and provide assessment services for insurers. Sources claim the firm will be marketed with an EBTIDA of £8M, however recent filings in Nov-18 show an 18 month £10.5M EBITDA.