Electra gets £104 million from AXIO sale of OAGStaff Writer | February 16, 2017
Epiris, the portfolio manager of buyout fund Electra Private Equity, said its portfolio company AXIO Group has sold aviation intelligence group OAG, to funds managed by Vitruvian Partners for around $215 million.
Investment Electra has received proceeds of £104m
The sale has increased the total cash proceeds received by Electra from its investment in AXIO to more than £350m, or 3.9x original cost, and the total return, including Electra's investment in the remaining AXIO businesses, to 4.8x original cost.
Alex Cooper-Evans, a 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. Phil Callow and his team have done a fantastic job with the business and we wish them well for the next chapter in the OAG story." ■