Better Capital acquires Spicers for £40m

Viktor Lundvall
06 July 2011

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Better Capital has invested £40m to acquire UK and Irish stationery and office product supplier Spicers.

The investment was made through a special purpose vehicle wholly owned by BECAP Fund LP. A deal was agreed after Spicers' Spanish owner, Unipapel SA, looked for a UK-based partner for the company.

The transaction is conditional upon the proposed disposal of Spicers by DS Smith Plc to Unipapel SA.

Debt
The transaction was fully financed with equity.

Company
Spicers is headquartered in Cambridge and is a pan-European wholesaler of office supplies and office equipment. The company's history dates back to 1796 and in 2008/09 it generated a turnover of £721m.

People
Mark Aldridge managed the deal for Better Capital.

Advisers
Equity – Olswang (Legal).