Business Services portfolio

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Phenna Group

One of the fastest growing TICC groups globally.

Phenna has continued to perform well in 2023 with respect to both organic growth and M&A, achieving strong pro forma organic revenue and EBITDA growth versus prior year, and a total +45% increase in revenue and +48% increase in EBITDA YoY. Phenna acquired 16 businesses during the course of the year, entering 7 new countries and bringing total businesses in the group to 52. The M&A pipeline remains healthy for 2024 with a number of opportunities in due diligence.

OCI valuation
Phenna Group

£81.6m

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TechInsights

TechInsights is the authoritative semiconductor and microelectronics intelligence platform, supporting clients in innovation and decision-making through independent research and analysis.

In 2023, TechInsights revenue was broadly in line with prior year, while run-rate EBITDAC grew 7% versus prior year. While there was limited headline revenue growth, run‐rate recurring revenue continued to grow in period, up 13% versus prior year, and now makes up 82% of total run-rate revenues (versus 74% a year ago). The modest revenue performance is against a background of very challenging conditions in the underlying semiconductor market.

OCI valuation
TechInsights

£43.2m

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Liberty Dental Group

Establishing an independent business to become a leader in the global dental lab market.

Liberty Dental Group has performed well since acquisition in August 2023, growing both revenue and EBITDA versus prior year. The company provides a comprehensive range of services, including the design and manufacture of dental prostheses (crowns, bridges and dentures) and orthodontics (braces, retainers and aligners), utilising technology including CAD software, computer-aided milling and 3D printing, as well as local craftmanship. The company currently services c.5,000 clinics across nearly 70 dental laboratories throughout Europe and management are working to build out the pipeline of future M&A.

See Liberty case study

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Logo of Liberty Dental Group

OCI valuation
Liberty Dental Group

£32.9m

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vLex

A cloud-based legal information subscription platform.

vLex performance continued positively to December 2023. The company's sustained focus on sales growth for the LTM to December 2023 has delivered annual recurring revenue growth of >10% year-on-year. In March 2023, vLex acquired Fastcase, a leading US legal intelligence business, to form the world’s largest unified law firm subscriber base and a library with more than one billion legal documents from more than 100 countries. The business has continued to focus on the development of its AI tool, Vincent AI, and is receiving initial positive market feedback on the trials.

OCI valuation
vLex

£11.7m

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