Souter Investments has completed the sale of two portfolio companies. Mobius Life, the leading independent provider of investment administration services to UK pension schemes, has been acquired by Phoenix Equity Partners, while Transdev has purchased New Zealand based urban bus operator Mana Coach Services.
Mobius Life provides investment administration services, via a UK life insurance structure, to UK defined benefit and defined contribution pension schemes helping them to implement their investment strategies and meet their investment objectives. The company services its customers primarily through a technology platform, which assists scheme trustees, and the consultants that advise them, to select and acquire, manage, value and trade a wide range of assets efficiently and accurately.
The sale to private equity house Phoenix Equity Partners was announced in May 2019. Souter Investments and Manfield Partners were advised by Dentons and IMAS.
Since acquisition by Souter Investments, Manfield Partners and management in 2014, Mobius has grown assets under administration from c.£3.0 billion to c.£19 billion, and it now provides value adding services to more than 550 institutional clients including pension scheme trustees, consultants and advisers, asset managers, and life insurance companies.
Mana Coach Services’ fleet of 66 buses operates urban bus services on behalf of Greater Wellington Regional Council in addition to providing school bus and charter services.
The acquisition of Mana Coach Services and Howick and Eastern Buses by international mobility provider Transdev was announced in August 2019. Bancorp Corporate Finance acted as lead financial advisers for Souter Investments, Minter Ellison Rudd Watts as legal advisers and KPMG provided tax advice. Deloitte supplied vendor due diligence services.
Souter Investments acquired Mana Coach Services in 2007 and added Howick and Eastern Buses to its New Zealand stable a year later. During Souter Investments’ ownership, the businesses have fulfilled more than 95 million customer journeys and invested more than NZD $63 million in new vehicles.
The sale of Howick and Eastern is expected to complete later in 2019 following receipt of regulatory approvals. Souter Investments retains ownership of Fullers360, which provides ferry and tourism services on Auckland Harbour and the Hauraki Gulf.
About Souter Investments
Souter Investments is one of the UK’s leading family investment offices specialising in private equity. Founded in 2006, Souter has invested in over 50 unquoted companies and currently has significant investments in approximately 25 businesses, acting either as the lead investor or as a co-investor with other financial sponsors.
Souter’s portfolio includes FinTech online and ecommerce interest-free-only credit provider, DivideBuy; Pet Network International, the leading pet supplies retailer in South East Europe; the national accident claims specialist Winn Solicitors; Global Risk Partners, the UK insurance intermediary group; and Coretrax, an independent wellbore clean-up and abandonment specialist to the oil & gas industry.
During 2019 Souter Investments also announced the sale of Alexander Dennis as well as a new investment in Eaton Gate, a managing general agent in the insurance sector.
For more information please visit www.souterinvestments.com.
For Souter Investments press enquiries please contact Gordon Beattie at Beattie Communications on 0800 612 9890.