LDC has acquired UK-based Vista Retail Support, an IT services company, for 29.4 million pounds. The seller was WestBridge Capital. PricewaterhouseCoopers LLP provided financial advice to WestBridge on the deal.
PRIVATE equity house WestBridge Capital has exited Vista Retail Support, following its acquisition by LDC for £29.4 million.
The deal represents the third time the company has been acquired by private equity buyers, with WestBridge having bought the business from Finance Wales in May 2014 for £12.3m.
Vista, which generated sales of £17m in its last financial year, is a market leading UK field engineering specialist providing time sensitive IT support and maintenance services to the retail, hospitality and leisure sectors.
In the last three years, WestBridge has supported the executive team in successfully growing the business further and revenues and profitability have shown significant increases over their period of ownership.
The deal achieves a 4x multiple return and 80% IRR for WestBridge investors over their three-year investment period.
Sandy Smart, who led the investment for WestBridge, said:
“It has been a pleasure to work with the Vista management team who have achieved much in a relatively short space of time, firmly consolidating Vista at the forefront of technical maintenance services to the retail sector.
“For WestBridge, this successful deal follows on from similarly rewarding exits in Aero Stanrew and Kallidus software, and reaffirms our expertise in the technology and engineering SME sectors. We wish Richard Cottrell and his team every success in the future as they continue to implement their growth strategy.”
WestBridge partner, James Wakefield, added:
“Our maiden fund has supported eight companies. This is the third exit and we are pleased to have achieved an average 4x money multiple across all three investments and be in a position to return close to 100% of our investors’ drawn capital.”
Richard Cottrell, CEO of Vista, commented:
“We have enjoyed working with the team at WestBridge Capital. They have proven to be a supportive partner with a real understanding of the challenges which face fast growing SME businesses.”
Financial advisors to Westbridge were PricewaterhouseCoopers LLP, while Capital Law partner, Tom Kelleher, provided legal advice.
About WestBridge Capital:
· WestBridge Capital typically invests in profitable, fast growing UK SMEs with enterprise values of £10m to £20m, many of which are technology enabled.
· The WestBridge SME Fund includes investee companies operating in aerospace; electronics; B2B business services; medical technology; business critical software; and HR systems.
· It has an enviable reputation for providing strategic and operational support to its investee companies thereby accelerating growth and development.
· The four founding partners have over 100 years’ experience in the private equity market and proven track records of successful mid-market investment.
About Vista Retail Support:
Vista Retail Support is a leading independent IT services company, supporting customers in the UK, Europe and North America.
The company is recognised for its ability to provide a dedicated IT support and maintenance service to the retail, hospitality and quick service restaurant (QSR) markets.
Vista’s unrivalled knowledge of the retail sector and experience of the challenges presented by EPOS and other in-store technologies guarantees a superior service which ensures that customers sustain the value of their IT investment and maintain maximum equipment availability and performance at all times.
For more news and information on Vista Support, please visit www.vistasupport.com