14th Aug 2014 08:38
LONDON (Alliance News) - Capita PLC Thursday said it has acquired SouthWestern Business Process Services Ltd from private equity group Ion Equity for EUR35.0 million on a cash-free, debt-free basis, in a move to increase the outsourcing company's presence in the Irish business process outsourcing market.
"SouthWestern is a highly respected outsourcing company with an excellent private and public sector client base. It has particularly strong relationships with organisations in the agricultural sector, which is a growing and new market for Capita," Chief Executive Andy Parker said in a statement.
"The acquisition will provide Capita the opportunity to provide new services to SouthWestern's existing clients and to continue to grow both its customer base, and job opportunities," Parker added.
SouthWestern is forecasting a EUR3.4 million operating profit on a EUR33.6 million turnover in 2014. Following some integration and IT systems work in 2015, Capita expects SouthWestern to generate an operating profit of around EUR7.0 million on revenues of EUR47.0 million in 2016.
The acquired company employs around 1,000 employees, primarily based across three sites in County Cork, and one in Lodz, Poland, together with smaller operations in Dublin and Milton Keynes.
Capita shares were Thursday quoted down 0.2% at 1,188.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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