Tue, 27 May 2014 | MBO/MBI
Vista Retail Support, the Welsh IT services provider, has undergone a second management buyout, it was announced this week.
The Cardiff-based company, which boasts a turnover of £14 million, was subject to an original MBO in 2008. Now the senior management team has bought out the remaining shareholders, including Finance Wales – the Welsh government’s investment arm who had supported the first buyout.
It represents the largest and most profitable deal to date for Finance Wales, Insider Media reported; it is estimated that the completion of the second MBO will see the organisation get a return of nearly five times on its original investment.
The existing senior management led by managing director Vince Haffenden and technical services director James Pepper have bought a majority shareholding. Westbridge Capital backed the MBO with support from Clydesdale Bank and Octopus Ventures while PwC’s West & Wales corporate finance team acted as lead corporate finance adviser.
Founded in 1995, Vista Retail Support employs more than 170 people across the UK, with clients including Superdrug, BHS and Lloyds Pharmacy. Under the new deal chairman Keith Brooks will remain as non-executive chairman.
Commenting on the second MBO, Marc Davies, corporate finance senior manager at PwC, said: "This secondary buyout represents a fantastic result for the exiting shareholders, and a great opportunity for management and the new investors. It has come about through the hard work and dedication of all those involved.
"Vista is a great company run by great people and this transaction demonstrates the appetite in the market for businesses of such quality."
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