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BGF exits Anexsys to PE-backed US buyer

BGF News 07.08.2020.

BGF has successfully exited its investment in Anexsys Group, which it has backed since 2014 as part of Hobs Group.

In this period, Anexsys’ revenues rose from £2.1m (2015) to £7.3m in 2020 with an EBITDA of £2.1m as the business established itself as a leader in the UK digital forensics and e-disclosure market. The business has been acquired by private-equity-backed Xact Data Discovery (XDD). BGF continues to support Hobs Repro and its subsidiary Hobs 3D, which is led by Managing Director Craig Horwood.

Ben Barker, head of BGF’s portfolio for the North said: “With our backing, Rob Crowley and the Anexsys team have a done a brilliant job in growing the business to become one of the main players in e-discovery services with key public sector contracts and a number of the UK’s top law firms as clients. The deal has delivered excellent returns for all shareholders. We wish the Anexsys team every success with their new partners. We’re also pleased to continue to invest in Craig and the Hobs Repro and 3D teams in the next stage of their journey.”

As part of the changes, James Duckenfield has transitioned to a non-executive director role. Peter Bertram, who was appointed to the board as non-executive chair after being introduced by BGF in 2014, continues in this role for Hobs Repro.

Commenting on the deal, Peter Bertram said: “The sale of Anexsys to XDD presents a strong opportunity for the company at this stage of its growth. The sale allows Anexsys and Hobs Group to focus on their respective missions and reflects the distinct operations between the companies and their target markets.

“Following a period of growth and significant M&A, the separate businesses will be in the best position to pursue their growth strategies, amid what continues to be challenging trading conditions for all businesses.”