Mid-market investor Primary Capital has acquired Amtech Group from HSBC Private Equity for £35 million.
Mid-market investor Primary Capital has acquired Amtech Group from HSBC Private Equity for £35 million. The sale takes the form of a management buy-out, with £15 million in senior debt finance provided by Lloyds TSB Corporate Markets Acquisition Finance.
Acquired by HSBC PE through an MBO in 2006, Amtech is a UK-based producer of software and data services for the mechanical and electrical building services industry.
Primary said it was attracted by Amtech’s software, high recurring revenue base, strong cash generation and the potential to realise future benefits from continuing to pursue a buy-and-build strategy.
Primary is an independent investment firm specialising in mid-market management buy-outs, buy-ins and development capital investments in the UK and continental Europe with values of up to £100 million.
Due diligence on the deal was conducted by Armstrong Transaction Services. Led by director Tom Raymond, the team ensured that more than 200 customers and market experts were contacted over a three-week period to ensure rapid completion of the deal.