10 May 2010 07:00
BETTER CAPITAL LIMITED 10 May 2010
ACQUISITION
Better Capital Limited (the "Company") has today been informed that BECAP Fund LP (the "Better Capital Fund") has advanced funds to allow one of its portfolio investments, Gardner Group Limited ("Gardner"), to make a strategic, bolt-on acquisition.
This acquisition by Gardner and a subsidiary of Gardner comprises certain of the assets and obligations of RD Precision Limited (In Administration) ("RDP") from the joint administrators, Matt Dunham and Les Ross of Grant Thornton UK LLP, for a cash consideration of £1.1m.
RDP is a manufacturer and supplier of precision tools and parts for the aerospace and defence industries. The acquisition includes businesses based in the United Kingdom and Poland, which are strategically important to Gardner, as they provide goods and services to some of its key customers. The Directors of Gardner believe these key commercial relationships will be enhanced as a result of the acquisition.
Out of the £20m originally anticipated to be invested by the Better Capital Fund in Gardner (as announced on 3 February 2010), £3.6m is being allocated to finance the acquisition of RDP and to fund its working capital requirements.
Enquiries:
Better Capital Limited +44 (0)1481 716 000
Mark Huntley (Director)
Laurence McNairn (Administrator and Company Secretary)
Better Capital LLP +44 (0)20 7440 0840
Nick Sanders (Head of Portfolio)
Numis Securities Limited +44 (0)20 7260 1000
Nominated Adviser: Simon Blank
Corporate Broker: Nathan Brown