UK - Hermes Private Equity - the in-house private equity arm of the £27bn British Telecom Pension Scheme - and Bridgepoint have acquired office supplies specialist OyezStraker for £80m.
OyezStraker said the takeover, together with a revised banking package agreed with its bankers – Royal Bank of Scotland and Allied Irish Bank – would allow it to continue with its programme of organic and acquisitive growth.
Hermes Private Equity chief executive Rod Selkirk said: “We are delighted to have the opportunity to back OyezStraker’s management team at this important time in the firm’s development.
“This is the third buyout capitalised at more than £50m that we have completed in the last six months and underlines our strategy of identifying and working with strong UK middle market companies.”
OyezStraker and Bridge-point were advised by law firm Pinsents in the negotiations, while Hermes was advised by Travers Smith Braithwaite.OyezStraker was formed following the 1997 merger between Straker Office Supplies and Solicitors Law Stationery Society.
Croydon-based Oyez-Straker generated an operating profit of £11.1m on a turnover of £123m for the year to the end of August 2003.
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