VAR and services heavyweight Civica has been acquired by Canadian investor OMERS Private Equity (OPE) for £390m.
OPE takes the London-headquartered firm off the hands of fellow private equity house 3i, which bought Civica in 2008. During the past five years Civica has swelled its top line from about £130m to more than £200m, while staff numbers have grown similarly, from 1,350 to more than 2,000. EBITDA during the last year stood at £38m.
Mark Redman, senior managing director for Europe at OPE, said: "We are very pleased to be working with the management at Civica to support the company's next phase of development. Civica has a proven track record and we are confident that together we can build an even greater business."
Civica was born 11 years ago when the public sector business of Sanderson Group was spun off, following a management buyout around the turn of the century. It floated on the Alternative Investment Market in 2004, but delisted following the 3i buyout.
It has boosted growth by making a number of acquisitions itself over the years and OPE intends to lend its backing to further "selective" buyouts to complement organic growth. Civica chief executive Simon Downing welcomed today's news as "a very positive development" for everyone involved with his firm.
"There is no change to our trading companies as we carry on business as normal led by the existing management team, and we remain committed to our strategy and to the long-term development of Civica," he added.
"We believe that our long-term commitment to customers, along with supportive investors, will continue to provide the foundation of the future success of the business and I look forward to working with OPE, whose approach is an ideal fit for Civica and our customers."
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