AJM Mobility showroom wheelchair services

Having backed AJM Mobility’s MBO, private equity investment firm WestBridge Capital has closed its latest fund at £140million and is seeking to invest between £10million to £20million in SMEs worth up to £40m.

Initially having a hard cap of £100million, the WestBridge II fund was oversubscribed with commitments made by existing and new institutional investors, as well as WestBridge’s industrialist Strategic Investor Group.

Having already completed three MBO deals, the fund is expected to invest in 10 to 12 UK SMEs in total with enterprise values of between £15m and £40m.

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In September 2018, WestBridge used the fund to support the MBO of AJM Mobility, a provider of mobility products and wheelchair services to the community on behalf of NHS and local authorities, as well as retailing to private customers.

The private equity investor confirmed it has a pipeline of new investments that it is hoping to complete later on in 2019 and has praised its new WestBridge II fund as being transformational for its business.

Discussing the AJM Mobility investment at the time, James Wakefield, Founding Partner at WestBridge Capital, said: “This is exactly the type of business we like to invest in, with recurring income streams, fixed-term contracts and a track record for the provision of quality service.”

Following the MBO, AJM has gone on to secure a number of significant contracts, including the wheelchair service contract across Derbyshire and a prestigious Ministry of Defence wheelchair services contract.

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