Two buyout deals cheer Scottish corporate finance sector
The announcement of two management buyout deals, both financed by Clydesdale Bank, shows there is still life in the sector.
The Scottish IT services arm of French-owned Sward Group has been bought out by the management team for £28 million. The new company, Amor Group, will continue to trade as Sword Real Time, in Glasgow, and Sword Pragma, in Aberdeen.
Amor expects to report turnover of £32 million in 2009 and employs 330 people. The MBO was backed by London-based Close Growth Capital and debt capita was provided by Clydesdale Bank, part of the NAB Group.
Meanwhile, Renfrewshire-based high-tech engineering business Gas Measurement Instruments (GMI) has been bought out for a reported “seven-figure sum” from previous chief executive Derek Manson. GMI makes equipment for measuring and detecting gas, for customers in fields such as oil and gas, shipping and the emergency services.
The company’s turnover in 2008 was £7.2 million.