Interregnum, the UK technology merchant bank, is to sell a portfolio of eight assets to Greenpark Capital for £5m in cash. The deal also involves Interregnum having a share in any profits made from the future sale of the companies. The businesses included are: Adaptive, Audio Visual Machines, Future Route, Oilcats, Metapraxis, Red-M Group, Respond Group and Yospace Technologies.
The sale is part of an extensive restructuring plan undertaken by Interregnum, which has seen a number of personnel changes as well as financial. Ken Olisa is the latest, and most senior, person of the team to step down, following a large board reshuffle in January. Olisa, who is currently non-executive chairman, a role he only took up at the start of the year after stepping down chairman and chief executive, founded Interregnum in 1992. He is leaving immediately following the conclusion of portfolio sale to pursue other business interests. He is to be replaced by Colin Goodall.
It is understood that Olisa, post Interregnum, is launching a new technology principal finance group called Restoration Partners.