The deal has netted HgCapital a gross IRR of about 27 per cent according to the firm, which said that figure included funds returned to LPs from a series of dividends in 2012 and a recapitalisation of the business earlier this year.
HgCapital bought into Epyx in 2009 after tracking the company for several years, and saw compound annual EBITDA growth of 18 per cent during its ownership.
The deal was HgCapital’s second in the electronic business-to-business network sector, following HgCapital 5’s acquisition of Achilles in 2008.
Epyx founder and CEO Greg Connell said, “HgCapital’s knowledge of the sector, straightforward working style and focused approach combined with their significant support of the management team to help us deliver growth and identify exit opportunities has been a key part of the Epyx success story.”
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