25 Jul 2014 07:00
BETTER CAPITAL PCC LIMITED 2012 Cell
25 July 2014
Better Capital PCC Limited (the "Company") is pleased to report that BECAP12 Fund LP (the "2012 Fund") has indirectly acquired the issued share capital of Project Oliver Topco Limited and its subsidiaries, which together trade as OfficeTeam ("OfficeTeam"), on a debt free basis for a consideration of £80 million from a consortium of lenders who took control following a financial restructuring in 2013.
OfficeTeam is a leading UK supplier of office products and services.
Its audited operating group revenues and pre-exceptional EBITDA were £142 million and £13 million respectively for the year to 31 December 2013.
The General Partner of the 2012 Fund has committed £90 million of the 2012 Fund towards this investment to finance its acquisition and restructuring initiatives.
For further information, please contact:
Better Capital PCC Limited +44 (0)1481 716 000
Laurence McNairn (Administrator and Company Secretary)
Better Capital LLP +44(0)20 7440 0853
Bonnie Kraus (Investor Relations)
Powerscourt +44(0)20 7250 1446
Justin Griffith
Carmen Murray
Numis Securities Limited +44 (0)20 7260 1000
Nathan Brown