Transys Holdings Ltd (United Kingdom) - Dec 2007

unquote
01 December 2007

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This deal is now part of Maven’s portfolio - Maven spun out of Aberdeen Asset Management in June 2009.
Aberdeen Asset Managers Growth Capital has completed a £2m follow-on investment in Transys Holdings Ltd. The deal forms part of the completion of a management succession process and will also provide additional capital to finance the expansion of the group’s commercial activities. The latest round of funding brings Aberdeen’s total investment in Transys to £3.1m and sees it substantially increase its stake to a majority equity holding. In 2002, Aberdeen invested £1.65m to support the management buyout of the company, the value of which was undisclosed. It subsequently realised £572,500 of loan stock repayment before the most recent investment. Transys refurbishes and upgrades rolling stock for the UK’s passenger railway network. The company has a strong order book associated with commitments to improve services by newly-appointed franchise train operators and the implementation of an expanded range of engineering solutions to the industry. Aberdeen believes the company is well-placed to play a role in the design and installation of new satellite-based communication and automatic train protection systems which are due to replace the existing legacy analogue systems over the next five to 10 years.

Company

Birmingham-based Transys provides turnkey refurbishment, maintenance support, consultancy and a broad range of enhancements to passenger trains and locomotives. Its clients include Porterbrook, Angel Trains, HSBC Rail, Bombardier and Arriva Trains Wales. The company has a projected turnover to December 2008 of £15.8m.

People

Mike Collis led the deal for Aberdeen. As part of the deal, Kevin Lane has been promoted to CEO and a new finance director, Emma Stamps, joins the business.

Advisers

Company - Eversheds, Jeffrey Taylor (Legal)Equity - Baker Tilly - Due diligence, David Horsburgh, Paul Johnson, Rick Bector (Financial Due Diligence)Equity - Wragge & Co, Neil Pearson (Legal)

Sourced from: UK & Ireland unquote" 360 (Jan 2008)