Tue, 27 Apr 2010 | MBO/MBI
Spice, the utility support services business, is on the verge of selling its telecoms operations in a management buyout for £32.8 million.
Private equity firm Gresham has backed a management buyout at Siatel Holdings, which has conditionally agreed to purchase the Team Telecom Group (TTG) division.
The chief executive of TTG, Mike Norfield said: "This is a very exciting time for TTG. We have invested heavily over the past three years to develop market leading businesses and products."
"With Gresham's support we intend to continue this investment and increase our international presence, both organically and by acquisition."
The move is part of Spice's broader aim to reduce its debt and focus on its supply and utilities facing distribution operations.
The deal will include £7.3 million of debt, and other liabilities. Spice has said it will use £25.5 million of the cash generated in the sale to repay bank debts.
Spice has traded in line with its board's expectations since its last trading update in February, according to the company.
Opportunity to acquire an established mixed dental practice in Tyne and Wear, efficiently led by associates.
LEASEHOLD
Established for over 40 years with a turnover in excess of £500,000, the business enjoys limited competition locally. The sale includes the business assets and the lease of the premises will be assigned to the new owner.
Major landmark store, 100+ years established, occupying valuable trading position within this mid-Devon town, centrally positioned on Crediton high street, opposite Costa Coffee, close Tesco Express, with free restricted stay car parking immediately...
FREEHOLD
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