Gresham Private Equity has acquired four businesses from support services group Spice in a £32.8 million management buy-out (MBO).

Gresham Private Equity has acquired four businesses from support services group Spice in a £32.8 million management buy-out (MBO).

The businesses, which operate in the radio communications and telecoms equipment maintenance sectors, will be known collectively as Team Telecom Group (TTG).

TTG chairman Peter Burridge and group CEO Mike Norfield are leading the MBO, which is backed by HSBC Leveraged Finance.

Paul Franks, a partner at Gresham who led the deal, says the private equity firm approached Spice to express an interest in TTG, adding, ‘Each of the businesses in TTG have compelling market positions in their own right.’

TTG comprises Team Simoco and ComGroup, which supply radio terminals for use by emergency services and utility companies, as well as airport communications specialist Air Radio and telecoms installation and maintenance company Indigo Telecom Group.

All four businesses have operations in England and Wales, while Team Simoco and ComGroup also have a base in Australia.