The investment firm agreed in July to sell its holding in the broker to RVU, subject to regulator approval.
Maven’s H1 2021 trading update outlined how it received an offer from RVU for Mojo during the first half of the year and that the sale, which completed after period-end, “will generate a total return of up to 1.8 times cost over the life of the investment.”
The report recorded the value of Maven’s interest in Life’s Great Group, which trades as Mojo Mortgages, as £1.76m, and cost as £1.16m.
Maven’s stake was 13.6 per cent, with a further 31.8 per cent owned by another of the investment firm’s clients.
Maven originally invested £3.25m into Mojo Mortgages in February 2019.
The H1 report described how the timing of exits from investments can be “difficult to predict, particularly for young companies, where those that gain early commercial traction may attract interest from a strategic acquirer.”
It continued: “Maven maintains an active relationship with each investee management team and is closely involved during an exit process or when an unsolicited approach is received.”
RVU agreed to acquire Mojo in July, with the aim to “supercharge digitisation in the mortgage sector”.
At the time, the firm, which forms part of Zoopla Property Group, and also owns Uswitch, Confused.com and Money.co.uk, said: “The agreement to acquire Mojo will enable RVU to go deeper into mortgage intermediation and own the full journey across all touch points, from the moment they seek information and advice, to applying for and securing a mortgage.”
