Epiris announces the acquisition of Sepura

POSTED 15 July 2022

Epiris today announces that Epiris Fund II, advised by Epiris LLP, has acquired Sepura, a leading provider of digital radio systems for mission-critical communications. This is Fund II’s twelfth investment. Financial terms are not being disclosed.

Headquartered in the UK’s technology hub around Cambridge, Sepura is a global leader in the design, development and supply of digital radio devices and associated ecosystems for mission-critical applications using Terrestrial Trunked Radio (or “TETRA”), a technology that offers a resilient and secure voice and data platform designed for government and emergency-service users. Sepura is one of the global market leaders in the public safety market serving police, fire and ambulance services worldwide. It also supplies other sectors, including transportation and mining, where instantaneous, crystal-clear and reliable communications are essential to safety, security and efficiency. Over two million Sepura devices are in use in more than 100 countries worldwide.

Sepura is run by Chief Executive Steve Barber. Malcolm Miller, with whom Epiris previously worked as Chairman of Audiotonix, will join the group as non-executive Chairman.

Ian Wood, Partner at Epiris, said:

“Sepura is a market leader with global reach. This position is built on deep expertise in TETRA technology and the unique demands of the emergency services. It is rich in intellectual property and has an extensive R&D capability that turns this into best-in-class, innovative products. The company’s ability to develop new systems and devices that embrace emerging technologies and meet customer needs positions it to continue to succeed as a pioneer for many years to come.”

Alex Fortescue, Managing Partner at Epiris, said:

“This is another classic Epiris deal. It is a corporate carve-out, one of our areas of speciality. There is clear potential to transform the business by driving substantial growth and improvement. We are looking forward to delivering this with Malcolm, Steve and the rest of the Sepura team.”

Steve Barber, Chief Executive of Sepura, said:

“My whole team and I are looking forward to this next chapter in Sepura’s story. Epiris and Malcolm have a great track record in the professional electronics space and we are excited to apply their experience to our business over the coming years.”

The Epiris team on the deal is Ian Wood, Aaron Atwal and Pablo Espinoza. Epiris is advised by Oakley Advisory, Travers Smith, PwC and MDW Capital.

For Epiris LLP please contact:

Greenbrook Communications

Robert White, Matthew Goodman, Daniel Oliver

+44 (0)20 7952 2000

epiris@greenbrookadvisory.com

About Epiris

Epiris is a top-decile* private equity firm which invests in opportunities to transform businesses in partnership with exceptional management teams. It targets control positions in UK-headquartered businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity.

Fund I

Between 2011 and 2016 Epiris invested £1 billion in buyouts and loan-to-own debt investments in respect of which it has delivered a gross IRR of 38%*. Returns from this portfolio are in the top-decile of European private equity funds of comparable vintages.

Fund II

Epiris Fund II is an institutional private equity fund raised in 2017. Fund II’s current investments include Portals, one of the world’s leading manufacturers of “substrate” for banknotes; The Club Company, the UK’s largest country club operator; Bonhams, the global auction house; Diamorph, a supplier of advanced material solutions for demanding and safety-critical applications; Nucleus, an investment platform; The Big Table, a leading UK restaurant operator; Sharps, the UK’s leading supplier of bespoke fitted bedroom furniture; Stuart Turner, a producer of pumps and water-boosting products for residential and commercial uses; Inchcape Shipping Services, one of the world’s largest maritime services providers; and Appello, a leading technology-enabled care provider.                                      

For further information, please visit www.epiris.co.uk.

Issued by Epiris which is authorised and regulated by the Financial Conduct Authority.

*As at 31 March 2022. Gross IRR does not reflect adjustments for investment management and administration costs. Comparator data supplied by Preqin. Past performance is no guarantee of future results.