UK - Alchemy Partners sells EPS stake

£35m will be paid in cash on completion and the balance will be paid in cash pro rata on a sliding scale, based on achieving a minimum level of EBITDA for the year ending 31 March 2010, capped at a maximum additional payment of £3.5m.

EPS in its present form was established in 1999 when Alchemy backed the £10.8m MBO of the business from a listed company. Bank of Scotland provided the debt facilities for the original transaction. The company services over 300,000 homes across the South East and employs more than 650 people.

The exit is the first move Alchemy has made since the dramatic departure of its co-founder Jon Moulton, almost three months ago. The turnarounds firm has also reportedly stopped further investments until 2011.

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• Exits
• UK / Ireland