Capita buys FirstAssist Services
Capita has bought FirstAssist Services for £12.5m. Barclays Private Equity sold the company, which has operations in Hinckley and Surrey and employs 360 people.
BPE bought FirstAssist Services in 2003 as part of the £147m management buyout of First Assist Group, but de-merged it from the group in 2006. First Assist Group will remain with BPE.
According to BPE, the company's performance has increased "significantly" since becoming independent. In the year to December 2009, it had revenue of £17.9m and an operating profit of £1.7m.
Catherine Wall, a director of BPE and a non-executive director of FirstAssist Services, said: "A greater focus and clarity on delivery to clients, together with redesigned IT systems, enabled us to move the business from losses in 2006 to profits and continued growth.
"A new management team and the de-merger from FirstAssist Insurance Services Limited enabled a much sharper focus and the company’s performance has been impressive."
Lead advisors to BPE on the sale were Richard Sanders and Emmet Keating, of the Birmingham office of Catalyst Corporate Finance, and legal advice was provided by Joanne Ellis, Paul Harkin and Ed Stead of the Birmingham office of Pinsent Masons.
Paul Pignatelli of the Glasgow office of DLA acted for the purchaser and Tenon undertook due diligence for the purchaser.
