UNQUOTE

ISIS sells Language Line for £25m

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ISIS Equity Partners has announced the sale of Language Line to Language Line Inc for ТЃ25m. Language Line is a UK provider of telephone interpretation services. ISIS invested in Language Line in August 2003 leading a ТЃ15m secondary buyout from ECI. The original investment was led by Shani Zindel and Daniel Smith. The exit was led by Adam Holloway who was on the Board with Zindel.

The sale has generated a return for ISIS clients of 2.2x original cost of £7.4m and an IRR of more than 40%. Language Line Inc (LLI) is a telephone interpretation provider in the US and has been tracking Language Line for a number of years. Following the sale to ISIS and a successful restructuring of the management team, including the introduction of ISIS Operating Partner Ian Williamson as Chairman, LLI approached ISIS with an offer. The deal was introduced to ISIS by Cavendish Corporate Finance who also advised shareholders on the sale. Legal advice was provided by Olswang.
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