Leading midrange and desktop outsourcing supplier, Digica, has today announced that it has reached agreement with its parent company, the DCS Group PLC, for the UK and US operations of Digica to be acquired by its existing management team for £23.3 million. Funding is being provided by Bridgepoint Capital, one of the largest private equity houses in Europe.
Richard Last, who will be CEO of the new corporation, said: “My management team and I are delighted with the opportunity that this provides for the continued development of the business. For our customers, employees and suppliers alike, independence from the DCS Group will allow us to focus on enhancing our position in the growing outsourcing marketplace.
The structure of the transaction provides Digica with sufficient working capital to enable the business plan objectives to be achieved. The support of Bridgepoint will also provide us with access to additional working capital to fund our ambitious growth plans in Europe and the USA.”
The MBO brings together in a powerful combination an experienced management team with the resources of a major private equity organisation.
Bridgepoint Capital has a 25-year track record of investing in European businesses that will achieve long-term capital growth. They do this by acquiring companies with management, and also leading buy-outs and/or providing further financial resources to help established companies grow. Bridgepoint currently has a portfolio of 150 corporate investments with some 3 billion Euros under management and a growing pool of funds from leading institutional investors.
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Digica is a leading specialist in midrange and desktop outsourcing, providing a range of services tailored to meet its customers’ demands. These services include Midrange Operations, Desktop Management, Applications Management, Web Hosting and System Sales. Digica also offers ASP Hosting services to software vendors who want to provide their own applications and services to their own customers on a price per user or other subscription basis. As a Netstore Premier Partner, Digica is now able to offer online access to Microsoft Exchange 2000 email via a rental model.
Digica employs 175 people at locations in the UK and USA and its customers include Bradford & Bingley Building Society, Capespan, Carat, CeDo, Cray Valley, Crazy George’s, Dairy Crest, Dow Jones & Company, DTS Logistics, Express Dairies, Fisher Foods, Freshbake Foods, Hodgson Chemicals, h-TE Controls, International Supply Chain (ISC), The Jacobs Bakery, Johnson & Johnson, Logtek, the New York Times, Northern Foods, Phillips-Van Heusen, Rhodia ChiRex Inc, Sanden International, SKF, Tibbett & Britten, Tinsley Wire, Tradeteam Exel Logistics, Universal Manufacturing & Logistics, Wesupply, Whitworths and Yorkshire Electricity.
For further information contact:
Niki Torrance, Marketing Manager, Digica
Telephone: 0115 977 7043 (Direct)
Mobile: 07967 455583
James Murray, Finance Director, Bridgepoint Capital
Telephone: 0207 374 3670
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