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.
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A well-established UK distributor renowned for high-quality bicycle components and accessories, serving both retail and trade customers nationwide, is available for acquisition.
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