Wed, 23 Jul 2014 | MBO/MBI
A management team at Lancashire software company Tharstern Ltd has completed a buyout of the business.
The deal was led by Keith McMurtrie, Tharstern’s managing director, along with the technical director Antony Lord and the sales director Lee Ward. London’s Mobeus Equity Partners provided a combined debt and equity package to support the MBO, which was introduced by KPMG Corporate Finance, Bdaily reported.
Tharstern is based in Colne and provides management information system software to more than 7,000 customers in the printing industry around the world. It employs 40 staff and has a turnover of £4 million.
Keith McMurtrie, said: "This is fantastic news for Tharstern, our loyal staff and customers, many of whom have been with the company for many years and who are vital to our continued success going forwards.
"The deal will provide security and continuity, and ensures that Tharstern retains its brand and identity as a recognised world leader within the printing and allied industries."
The MBO marks the fourth investment by Mobeus this year; in total the firm has spent almost £21 million. The company's investment director Chris Price commented: “We are delighted to support an excellent team and to be involved with a business which has a strong reputation, built on its long history and expertise of providing management information software for the UK printing industry.
"We look forward to supporting Keith and his team as they seek to drive sales growth and widen Tharstern’s customer base both in the UK and overseas."
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