Better acquires OfficeTeam in £90m deal

Capital for the all-equity transaction was drawn from Becap12 Fund.

The consortium of lenders selling the business took control of OfficeTeam following a financial restructuring in 2013.

Last year, LSE-listed Becap12 raised £185.6m via a share issuance, bringing the total amount raised by the fund to £355.6m. In March, the fund invested £7.5m in Jaeger, having previously acquired a majority stake in the company in April 2012 for £19.5m.

Company
London-based OfficeTeam was founded in 2010 following a series of acquisitions made by Oyez, a provider of specialist forms and services to legal and professional organisations. The company supplies office products and services to more than 12,000 customers and generated a turnover of £142m in 2013 with EBITDA of £13m.

People
Better Capital CEO Mark Aldridge and managing director Rob Asplin led the deal. Jeff Whiteway is CEO of OfficeTeam.

Advisers
Equity - PwC (Corporate finance); AlixPartners (Corporate finance); Macfarlanes (Legal). 

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