1 Feb 2011 14:13
BETTER CAPITAL LIMITED 1 February 2011
ACQUISITION
Better Capital Limited (the "Company") is pleased to announce that BECAP Fund LP (the "Better Capital Fund") has acquired certain trade and assets of the Santia group of companies (wholly owned subsidiaries of Connaught plc, in administration) and related subsidiaries (the "Group").
The investment has been effected through acquisition vehicles owned and controlled by the Better Capital Fund.
The Group is a leading provider of health and safety risk management services, including; health and safety consultancy, training services, occupational health, asbestos management, food safety, information services and supplier and vendor accreditation. The Group will continue to serve both private and public sector organisations.
Latest unaudited revenues of the acquired Group for the year to 31 August 2010 were £40.9 million, with an operating profit (pre-exceptional items and Connaught central recharge) of £3.3 million. At 31 August 2010 the Group had unaudited gross assets of £24.0 million, of which intangibles represented £0.5 million.
The Better Capital Fund has committed £15.0 million to finance the acquisition and to fund the restructuring and working capital requirements.
Sean Cooper, a member of Better Capital LLP (which provides consultancy services to Better Capital Fund's general partner), will join the boards of the acquisition vehicles.
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
Jon Moulton (Chairman)
Numis Securities Limited +44 (0)20 7260 1000
Simon Blank
Nathan Brown
Powerscourt +44 (0)20 7250 1446
Roddy Cameron
Jon Earl