MidOcean Partners is to acquire retail media specialist Bezier Holdings Limited from funds managed by Electra Partners for £77m. As part of the transaction Electra Investment Trust, managed by Electra Partners, will hold a minority interest in the new company.Electra invested £19.2m in the £53m management buyout of Bezier in 1998. The business originally comprised four specialist printing businesses. Under Electra’s ownership, Bezier has sold the labels business and closed the greeting cards business to concentrate on the higher growth point of sale (POS) business, which is focused on providing print management and in-store advertising services to retailers and branded goods manufacturers.Bezier has continued to develop the services offered by its remaining POS business and has won several large contracts with new customers over the last two years.In the year to 30 April 2005 the group reported sales of £50.5m (2004: £43.6m) and an operating profit of £7.2m (2004: £4.9m).
David Symondson, director of Electra Partners said: “Bezier has reached an important milestone in its development with the appointment of a new chief executive, and the change of ownership. Under the leadership of Mark Shaw and MidOcean, the company is well placed to grow its business and Electra is delighted to have a continuing involvement.”
MidOcean was advised by Rothschilds and Electra was advised by KPMG Corporate Finance. Linklaters acted as legal advisor to MidOcean and Ashurst acted as legal advisor to Electra Partners Limited. The Royal Bank of Scotland is providing debt financing.