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.
An innovative funding structure has been agreed for Croydon Pension Fund. However, there are some concerns about the arrangement. Stephanie Baxter reports
Some 52% of red flags raised by schemes on suspected scam pension transfers involve advisers or unregulated introducers, a report by the Pension Scams Industry Group (PSIG) has claimed.
In this week's Pensions Buzz, we want to know whether bosses should have to pay into the same staff DB scheme as their workers rather than their own executive pension fund.
The Norfolk Pension Fund has been successful as the lead plaintiff in a class action case that went to jury trial in California involving securities fraud.