(Sharecast News) - Capita is selling its 75% stake in Fera Science Limited, the joint venture set up eight years ago with the government that specialise in environmental testing, research, and advisory and assurance services.
The business process services group will receive cash proceeds of £62m from Bridgepoint Group plc, which will be used to strengthen the balance sheet and support investment.
Fera was established in 2015 with Department for Environment, Food & Rural Affairs (Defra), which owns a 25% stake. The transation values the total joint venture at £80m and represented 10.8 times EBITDA on 2022 numbers.
"Capita and Defra have partnered together to grow and professionalise Fera over the past eight years, creating significant value for us and the taxpayer," said Capita's chief executive Jon Lewis.
"It was the appropriate time to find a new partner to build on the strong, successful foundations now in place at Fera and take the company onto the next stage of its development."
The sale, which follows the offloading of Capita's travel businesses which completed last month, marks the end of non-core disposals from its Portfolio division, as the company focuses on simplifying its business model around two core markets: Capita Public Service and Capita Experience.
Capita (CPI)