UK - ECI backs £52m buyout of Kelvin Hughes
ECI Partners has backed the £52m buyout of navigational technology business Kelvin Hughes from Smiths Group Plc, the listed technology company. The purchase price comprises £48m which was paid in cash on completion of the purchase and a deferred payment of up to £4m depending on certain conditions being satisfied. Senior members of Kelvin Hughes management invested alongside ECI, becoming shareholders in the business. Senior debt funding for the transaction was provided by Royal Bank of Scotland.
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