Systems Union top three reseller Foundation Systems has been sold in a management buyout led by director Len Palmer.
The MBO occurred after co-founders Ray Townsend and Rob Johnson decided to sell the Hertfordshire dealer after 15 years at the helm to pursue other opportunities. The financial terms of the deal were not disclosed, although venture capitalist 3i arranged funding.
Other MBO team-members included former sales manager Keith Yearley, who becomes sales director; David Singh, now professional services director; and business development manager Peter Dryer, who becomes marketing director.
One industry source said: ?It was quite a political company because it had a lot of chiefs for its size. I expect SU will want to keep a careful eye on it because it will have a different management style now.?
Len Palmer, who takes over from Johnson as managing director, denied reports of political tension. ?It?s as simple as people wanting to realise their investment. They felt it was time to get a return and let other people take over.?
Foundation Systems has a turnover of #7 million. It plans to grow from 75 to 100 staff over the next three years.
- Touchstone, SU?s biggest dealer, is planning to float within the next 12 months and is seeking acquisitions in the hospitality sector and in the software and services markets.
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