An executive team at VAR and consultancy Anglia Business Solutions has completed a £6m management buy out (MBO) at the firm.
The MBO was led by group chief executive Robert Frost, with funding provided by the current management team, WestBridge Capital, the Co-Operative Bank and a US-based investor group.
As a result of the MBO, Anglia will be able to set its sights on accelerating growth in the UK and overseas, and continue to invest in its successful LINKFresh business management solution aimed at the food chain.
The firm was hit by tragedy at the beginning of the year when one of its founders and managing director, David Hurley passed away after a short illness.
In a statement following the MBO, Robert Frost, said: “This is fantastic news for Anglia and represents the next chapter in our growth strategy.
“I am extremely fortunate to work with such an experienced management team and highly skilled, dedicated staff,” he said: “We are excited to be driving the business forward to reach and exceed our goals, guided by the invaluable advice provided by our investors.”
Guy Davies, managing partner at WestBridge Capital, said: “This is the sort of hidden gem company we like to invest in – established, profitable and with huge growth potential, but in need of capital to implement its plans.
“Anglia has exciting plans afoot, not least of which will be growing its presence and market share in the States where food traceability legislation is catching up with Europe.
“This provides the perfect opportunity for the company to grow market share with its suite of Microsoft supported products, which are already tried, tested and proven.”
Vendor claims hackers are hijacking machines to mine for cryptocurrency