Investee Company – Connections Plus
Investee Company Business – Multimedia Communications
Type of Financing – Management buyout
Equity Providers – Sagitta Private Equity
Equity Leader (Individual) – Kevin Grassby
Debt Providers – Fortis Bank
Debt Type – Senior debt
Debt Leader (Individual) – NA
Equity Amount – £3.65 million
Total Deal Value – NK
Other Advisors – NK
Comments – Burnley-based, Connections Plus provider of outsourced telemarketing services has been acquired by its management team from the Oxygen Group in a secondary buyout transaction.
Aberdeen Development Capital (ADC) sold its 35 per cent holding in Oxygen Communications Limited to Sagitta Private Equity,which invested £3.65 million in equity. Fortis Bank provided senior debt. Connections Plus plans to use the capital to capitalise on increasing opportunities to help clients develop their businesses.
Sagitta Private Equity is a leading private equity house specialising in growth capital for small and mid-sized private companies, supporting management teams undertaking buyouts, roll-outs, build-ups and expansion financing in five target sectors: business services; leisure; healthcare services; media and information technology. Sagitta Private Equity has around €400 million under management and advice, and its investment team has collectively invested in over 30 growth companies throughout the UK and Western Europe.
Oxygen Communications Limited, trading as Connections Plus, was established in 1998 to provide outsourced telemarketing and telesales services.
Kevin Grassby of Sagitta said: “We are delighted to be backing such an experienced and able management team. The market for outsourced telemarketing and telesales services is projected to grow significantly over the next few years, and we believe is well-positioned to benefit from this growth.”