5th Jul 2011 10:19
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
Related Shares:
BCAP.L