Inflexion backs MBO of PCMS Group

Inflexion declined to comment on the deal valuation, though a spokesperson for the acquirer told unquote" it drew capital from its £650m vehicle Inflexion Buyout Fund IV, which provides equity tickets in the £15-150m range.

Under its new ownership model, PCMS will look to undertake an international expansion strategy and implement a succession plan to enable its founder to leave the business. It will also invest in product development.

Inflexion partner Richard Swann and investment director Ed Fraser will take a seat on the PCMS board as part of the deal.

The deal was led by PCMS CEO Tony Houldsworth. It is the 10th investment made by Inflexion this year and comes just a week after the GP acquired Atcore, a provider of reservation software for the travel industry, from LDC.

Company
Founded in 1982, Coventry-headquartered PCMS provides point-of-sale software for retailers. Its platform combines in-store selling points, including checkouts and self-scan, with cloud-hosted services for e-commerce and mobile. The business has operations in the UK, the US and Singapore, with a total headcount of 450. It sells across 55 countries and has 140 clients, including Walgreens, John Lewis and Arcadia Group.

PCMS generated a turnover of £31.6m in the year ending in September 2016, according to publicly available documents, with an operating profit of £3.6m.

People
Inflexion Private Equity – Simon Turner (managing partner); Richard Swann (partner); Ed Fraser (investment director).
PCMS Group – Tony Houldsworth (CEO).

Advisers
Vendor – Catalyst Corporate Finance (corporate finance).
Equity – PwC (corporate finance); CIL (commercial due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• UK / Ireland
• Technology
• United Kingdom
• Inflexion Private Equity