RCapital sells Giffen to Amco for £7m

Following the deal, Giffen's existing management team will continue to lead the business, which will report to Amco.

RCapital will receive £5m from the sale, with the remaining £2m earmarked for the repayment of debts.

At the time of RCapital's first investment, the GP stated it was looking to restructure the company. The business now generates revenues of £22m, compared to an estimated £20m in 2014, though it generated adjusted profit before tax of £700,000 in its most recent results.

Previous funding
RCapital acquired a majority stake in Giffen from its family owners in March 2014. The deal saw the company's chairperson Jonathan Giffen retire and brought to an end a 105-year period of ownership for the family.

Company
Founded in 1909, Giffen carries out engineering work on behalf of clients including London Underground and Network Rail, most recently working on upgrading stations on London's City Thameslink line.

Headquartered in St Albans, the company has grown to cover four specialist operating divisions: rail, underground, electrical & mechanical, and switchgear. It currently employs 123, down from 150 at the time of RCapital's first investment.

People
RCapital – Jamie Constable (CEO).
Giffen – John March (managing director).

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