Private equity firm LMS Capital Plc has acquired a 53.3 per cent stake in Updata Infrastructure UK for £6.2 million in support of a management buy-out.
Private equity firm LMS Capital Plc has acquired a 53.3 per cent stake in Updata Infrastructure UK for £6.2 million in support of a management buy-out.
Updata designs broadband networks for public sector organisations in the UK. Denmark-based Updata Europe A/S previously owned 60 per cent of the shares, with the remainder of the shares held by the management team and other individuals. For the year ending June 2008, Updata UK generated a turnover of £5.1 million and pre-tax profits of £100,000.
Pieter Hooft, managing director of UK investments at LMS Capital, said: “We are delighted to have had the opportunity to participate in the management buy-out of Updata UK. The management of the company has instilled a culture of excellence in customer service which differentiates Updata UK from its competitors.”
LMS Capital reported a net loss of £40.8 million in 2008.
