ANS to go private following funding boost

Founders Scott Fletcher and Paul Sweeney to retain controlling stake in VAR as it prepares to move off Plus market following £58m funding injection

Manchester VAR ANS is taking itself private after agreeing a £58m funding facility with The Royal Bank of Scotland and Muzinich & Co.

The Cisco, NetApp and VMware partner, which is listed on the Plus market, said the recapitalisation will also allow shareholders Dave Hutton and Chris Malthouse to exit the business.

Using the funding stream, a formal takeover code offer was today made for the business, enabling it to be taken fully private, the managed service specialist said.

The move comes after ANS announced a record turnover of £53m for its financial year ending 31 March 2016, with run-rate EBITDA standing at £8.6m. Sales were boosted by its recent acquisition of fellow Cisco partner Eison.

ANS said the new funding will be used not only to finalise taking the company private and exit various shareholders, but also to incentivise the existing team and create a "war chest" for further acquisitions.

Following completion of the deal, ANS founders Scott Fletcher and Paul Sweeney will remain controlling shareholders of the business, owning about 66 per cent of the business between them.

"The business has performed exceptionally well and the funding sets us up nicely for our next stage of growth," said ANS chairman Fletcher (pictured).

Duncan Mayall, relationship director at The Royal Bank of Scotland, said: "We have had a relationship with ANS Group since its inception, and it has been a pleasure to work with them and see them progress and prosper over the years. We are delighted to support them again at this important stage in their development."