PPM Capital is selling Upperpoint Distribution Limited (UDL), a CCTV distributor, to Close Brothers Private Equity (C BPE) for £128m in a secondary buyout transaction, subject to regulatory approval. CBPE is backing the incumbent management team, Alun John, CEO and Bill Lazarus, CFO.
UDL, which operates under the Norbain brand in the UK, specializes in supplying CCTV equipment covering both third party brands as well as its own brand Vista. The business, which generated revenues of £128m in its last financial year, employs around 350 personnel and has operations in the UK, Portugal and South Africa.
Norbain was acquired by way of a £43m public-to-private transaction, led by PPM Capital (then Ventures), in September 1999. Subsequently, in 2001, the business was demerged into its separate distribution and manufacturing arms, becoming Upperpoint Distribution Limited and Upperpoint Manufacturing Limited. Upperpoint Manufacturing Limited was sold to its management team in October 2005.
Debt facilities are being provided by HSBC and the existing management team will be investing alongside CBPE.
PPM was advised by CSFB and CBPE was advised by Rothschild