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Acquisition and Further Funding

5th Jul 2011 10:19

RNS Number : 7800J
Better Capital Limited
05 July 2011
 



BETTER CAPITAL LIMITED

5 July 2011

ACQUISITION & FURTHER FUNDING

Better Capital Limited is pleased to announce that on 4 July 2011 BECAP Fund LP (the "Fund") acquired certain bank facilities and related rights of DigiPoS Store Solutions Group Limited and its subsidiaries (the "Group"). The investment has been effected through a special purpose vehicle (the "SPV") owned and controlled by the Fund.

The Group supplies electronic point of sale hardware and software and provides related installation services. It is headquartered in the UK but has subsidiaries serving local markets throughout the world. The audited accounts for the year to 2 March 2010 show that the Group achieved sales of £57 million and generated an EBITDA of £2 million. The total net assets at that year end amounted to £10 million.

The Fund has committed £21 million to the SPV.

In addition the Fund has committed a further £3m to Reader's Digest to fund continuing business and systems improvements.

 

Enquiries:

Better Capital Limited +44 (0)1481 716 000

Mark Huntley (Director)

Laurence McNairn (Administrator and Company Secretary)

 

Better Capital LLP +44 (0)20 7440 0840

Jon Moulton (Chairman)

 

Numis Securities Limited +44 (0)20 7260 1000

Nathan Brown

Oliver Hardy

 

Powerscourt +44 (0) 20 7250 1446

Roddy Cameron

Jon Earl

This information is provided by RNS
The company news service from the London Stock Exchange
 
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