WestBridge buys Vista Retail from Finance Wales

Amy King
27 May 2014

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WestBridge Capital has supported the ТЃ12.3m management buyout of Vista Retail Support, a UK-based technology support business for the consumer sector, taking over the asset from Finance Wales.

Finance Wales enjoyed a return of 4.5x money, marking its most profitable exit to date.

The company intends to expand its service offering under the leadership of managing director Vince Haffenden, technical services director James Pepper and sales and marketing director Richard Cottrell. Existing chairman Keith Brooks will continue as non-executive chairman.

Debt
Octopus Investments provided further equity and mezzanine debt to support the deal via its VCT funds, with senior debt and working capital facilities provided by Clydesdale Bank.

Previous funding
In 2008, Finance Wales and HSBC joined forces to support the management buyout of Vista from parent company DigiPos Store Solutions Group.

Company
Founded in 1995 as a technology support business focused on the retail sector, Vista now has a £14m turnover and employs more than 170 staff across the UK. Customers include Superdrug, LLoyds Pharmacy and BHS.

People
Sandy Smart, partner and chief investment officer at WestBridge, worked on the deal. Investment executives Chris Griffiths and Nick Larcombe led the original 2008 buyout for Finance Wales. John Mihell is portfolio development manager at Finance Wales and worked on the deal.

Hugh Costello is a member of the specialist finance team at Octopus. Ian Howey and Ian Mansell are members of the Midlands and South West acquisition finance teams of Clydesdale Bank.

Advisers
Equity (WestBridge) – Capital Law, Duncan Macintosh (Legal); Grant Thornton (Financial due diligence); Carlton Strategy Advisors (Commercial due diligence); Wills Group (Insurance due diligence); Diligencia (Other due diligence).
Equity (Octopus) – Wragge & Co (Legal).
Debt (Clydesdale Bank) – DLA Piper (Legal).
Management – Hugh James Solicitors (Legal).
Vendor – Morgan Cole (Legal).