Epiris is pleased to announce that its portfolio company AXIO Group ("AXIO") has sold OAG, the global leader in aviation information and intelligence, to funds managed by Vitruvian Partners for approximately $215 million. This is the fifth major realisation from AXIO's portfolio.
Electra Private Equity PLC ("Electra") has received proceeds from AXIO of £104 million*, an uplift of £28 million or 37% and equivalent to an increase in its NAV of 60 pence per share on the valuation of Electra's investment at 30 September 2016. The sale has increased the total cash proceeds received by Electra from its investment in AXIO to more than £350 million, or 3.9x original cost, and the total return, including Electra's investment in the remaining AXIO businesses, to 4.8x original cost.
OAG is the world's leading provider of flight information (schedules and status) and related analytical tools. It serves a wide range of customers across the travel sector including airlines, airports and airport services providers, travel distribution players, government agencies, aircraft manufacturers, consultancies and corporate customers. Based in Luton in the UK, it has operations in Boston, Massachusetts and sales offices in North America and Asia.
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. 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.
"The sale of OAG takes our realised return on this investment to 3.9x cost, and the total return to 4.8x. 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." Henry Elkington, CEO of AXIO Group, said:
"Under AXIO's ownership OAG has focussed its activities on subscription data services, disposing of non-core events and media products. OAG acquired FlightView in 2015 to expand its customer base, and strengthen its leadership in flight status data services.
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