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Inflexion Private Equity, the mid-market private equity investor, today announces that it has sold its entire stake in ACIS (Advanced Communications and Information Systems Ltd), in a secondary buyout to The Carlyle Group. Financial details were not disclosed.
ACIS, the leading UK real time passenger information system provider, was originally acquired by Inflexion in April 2005 for £25m. The company acquired Tandata in October 2005, consolidating ACIS’ position as the leading traffic and real time passenger information supplier in the UK by adding presence in airport, train and bus station markets to ACIS’ existing footprint in bus transportation. ACIS’ employee numbers grew from 120 to 150 – a 25% increase – during the 18 month period, and profits have doubled.
Under Inflexion’s ownership ACIS achieved its objectives of continuing to roll out the UK customer base together with proving a new revenue stream of international sales within a shorter timescale than first anticipated. The subsequent doubling of profits enabled Inflexion to consider various exit options sooner than originally planned. The transaction was part of a competitive dual track disposal led by Investec Corporate Finance.
Simon Turner, Managing Partner of Inflexion Private Equity said: “This is a classic Inflexion mid-market transaction. Working closely with ACIS’ excellent management team, we have been able to help accelerate the company’s development, enabling ACIS to take a leap forward and allowing us to realise a good return on our original investment in a short space of time. We wish the company every success for the future.”
Ian Buckley, CEO of ACIS says, “We have had a rewarding relationship with Inflexion over the last 18 months and have found their financial backing and strategic input invaluable during this period, which has been reflected in the company’s strong revenue and earnings growth achievements. Going forward, we are delighted to be partnered with The Carlyle Group and we believe that the firm will be of great help as ACIS enters its next stage of development. We have ambitious plans to grow further, both in the UK and internationally, and with Carlyle’s global presence and deep financial resources, we believe it is ideally placed to help us achieve our goals.”