Phoenix Equity Partners announces sale of Edif Group to Rina Phoenix Equity Partners (“Phoenix”), a leading UK middle-market private equity firm, is pleased to announce that it has agreed to sell Edif Group Limited (“Edif” or “the Company”), the leading worldwide provider of a diverse range of testing, inspection, certification and consulting (“TICC”) services, to Rina S.p.A (“Rina”) for a total transaction value of £118.5m. The transaction will generate c. £70m of total proceeds for Phoenix’s 2010 fund representing a multiple of c.2.3x.
This is the third significant realisation from Phoenix’s 2010 Fund following the sale of CloserStill, which generated a 3.6x return on cost, and the IPO of The Gym Group, that generated a total realised and unrealised return of 2.9x cost.
Edif is a leading worldwide provider of a diverse range of TICC services that serve to reduce risk, optimise performance and enhance the capability of its clients’ assets. Edif is headquartered in London, UK, and employs approximately 650 employees and 2,500 associates in over 20 offices internationally.
Since investing in the Company in 2011, Phoenix has worked with Rob Dilworth, Edif’s CEO, and the senior management team, to drive strong growth both organically and through the pursuit of a buy and build strategy. The original platform acquisitions of ERA Technology and NDE Global Technical Services GmbH were made in 2011. Phoenix has since supported a further 11 bolt-on acquisitions, significantly enhancing Edif’s range of services and geographical footprint and driving rapid profit growth.
Rob Dilworth, CEO at Edif, said: "I am proud to have co-founded and grown the Edif Group from a standing start over the last 5 years, alongside my colleagues Anthony Chant, Gavin Higgins and the wider Edif team. With investment and support from Phoenix Equity Partners, Edif is now a successful, international industrial TICC business. Phoenix have been outstanding partners for us since our first meeting to discuss investing in the TICC sector back in 2010."
Tim Dunn, Partner at Phoenix, commented: "We are very proud of the strong partnership we have developed over several years with Rob and the rest of the Edif team. Edif has delivered on an ambitious plan to build an integrated, global business in the industrial TICC sector. We believe there is strong strategic rationale for the combination of Edif with Rina, and that the combined entity is very well positioned for the future.”