Wed, 02 Feb 2011 | BUSINESS SALE
Private equity group Better Capital has acquired 50 per cent of the compliance division of a social housing maintenance group.
Better Capital, which was founded by Jon Moulton, the venture capitalist, has purchased half of Connaught's compliance division, following its fall into administration last year.
£15 million has been put forward by Better Capital - which also owns the UK Reader's Digest subsidiary - to finance the acquisition and pay for restructuring efforts.
KPMG has been managing the administration of Connaught since September, when the housing maintenance group failed to persuade its lenders to get behind a new business plan.
Connaught's social housing maintenance division and parent company were initially placed into administration, whilst its environmental and compliance units continued to trade.
KPMG is tipped to sell the compliance section in two halves. The final stage of the administration will be completed within the next few weeks, when the company's environmental division will be acquired by the company’s lenders.
Overall, the selling of sections of the business and assets relating to Connaught attracted interest from 15 trade and private equity buyers.
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