AXIO Data Group, an Electra Partners portfolio company, has agreed to sell JOC Group to Colorado-based business information and analytics provider IHS Inc., according to a statement from the firm.
The deal value was not disclosed, but following the completion of the transaction Electra Private Equity will receive loan repayments from AXIO of around £35 million (€45 million; $55 million).
Electra declined to comment beyond the statement.
The sale of JOC Group, a provider of business intelligence, data and events for container shipping and logistics professionals, will bring the total cash proceeds from Electra’s investment in AXIO to around £64 million. This is more than 70 percent of the original £92 million that the firm invested in AXIO in April 2013.
Electra Partners Club 2007, an investment vehicle consisting of £100 million which was raised to deploy capital alongside Electra Private Equity, also invested in AXIO, bringing the total investment up to £103 million.
A source familiar with the matter indicated that the £64 million in proceeds was made up of the £35 million Electra Private Equity will receive in loan repayments following the sale and a number of undisclosed smaller sales that have taken place since the original investment.
Headquartered in Newark, New Jersey, JOC Group has 117 employees, three of whom are based in China, with the rest spread across three locations in the US. Its products include PIERS, a database of US seaborne import and export activity in the world, and The JOC, an information and marketing services provider for the US domestic and international containerised cargo community.
Following the sale of JOC Group, six companies will remain in the AXIO Group: Vidal and MIMS in the healthcare sectors; TechInsights in the intellectual property licensing sector; OAG and Breakbulk in the global transportation sector; and RISI in the forest products sector.
Alex Cooper-Evans, partner at Electra Partners, said in a statement that JOC Group profits have grown by 60 percent in two years, and that there is “a compelling logic to HIS acquiring the business”.
Electra has made 10 deals since September 2013, including the acquisition of Southview and Manor Park, two UK-based holiday parks, for £49 million in August, and £81 million investment in Ogier Fiduciary Services and an £84 million in Hotter Shoes, which it acquired from Gresham Private Equity in a deal that valued the business at around £200 million.
Exits this year included the sale of the firm’s remaining interest in LondonMetric Property, generating £17 million, and the partial sale of Premier Asset Management to Elcot Capital Management, which generated total proceeds of £20 million.
On Tuesday morning, Electra shares were trading up 1.17 percent at 2,597.2 pence per share, giving the trust a market capitalisation of £922.5 million.