Mon, 06 Mar 2023 | BUSINESS SALE
Capita has sold its resourcing businesses to Inspirit Capital in a deal worth £21 million. The sale of Capita Resourcing, HR Solutions and ThirtyThree comes as Capita seeks to strengthen its balance sheet and focus on its core divisions: Capital Public Service and Capita Experience.
The deal represents a 2.1x multiple of the combined businesses’ pre-tax profits of £10 million for the year ending December 31 2022, on combined revenue of £78 million. At the time, the businesses had combined gross assets of £35 million.
The firms provide human capital resourcing for UK clients in both the public and private sectors. Post-acquisition, the senior management teams and staff of all three companies will remain with their businesses.
Capita has said it expects the sale to generate cash proceeds of £17 million, including a deferred payment of around £7 million receivable on November 30 2023. The sale follows several other disposals made by the company as it seeks to refocus on its core operations, including payments processing business Pay360, Capita Translation and Interpreting, Optima Legal, Capita Commercial Insurance Services Limited (CCIS) and Capita Managing Agency Limited (CMA).
Commenting on the sale of the group’s resourcing businesses, Capita chief executive Jon Lewis said: "We are pleased to have agreed the sale of our resourcing services businesses to Inspirit Capital, following a competitive sale process. The transactions offer significant growth opportunities for the businesses, their clients and colleagues.”
"It also marks another significant step towards reducing Capita's debt, as we continue to simplify and strengthen the organisation, and become a more successful business for the long term. We remain focused on selling the majority of the remaining non-core Portfolio businesses throughout the first half of 2023 depending on general market conditions."
Find businesses for sale here.
If you are looking for an exit, we can help!
This practice, which was established over 40 years ago, is available for sale due to the impending retirement of the practitioner.
LEASEHOLD
This practice, which was established in the 1980s, is available for sale due to the impending retirement of the partners.
LEASEHOLD
This practice, which was established around 2003, is available for sale due to the impending retirement of the partners.
LEASEHOLD
23
|
Nov
|
Workforce training provider acquired at over 10x profits | BUSINESS SALE
Astutis, a workforce health and safety training provider bas...
23
|
Nov
|
Cloud-based logistics tech firm acquired by US company | BUSINESS SALE
3T Logistics & Technology Group, a Leicester-headquartered p...
22
|
Nov
|
Timber firm targeting more deals after second acquisition in a month | BUSINESS SALE
Premier Forest Products, a timber company based in Newport, ...
24
|
Oct
|
Equestrian products manufacturer acquired out of administration | BUSINESS SALE
Vale Brothers, a Walsall-headquartered manufacturer of produ...
13
|
Oct
|
Investment firm acquires offshore wind support services specialist | BUSINESS SALE
CWind, a Grimsby-based offshore wind support services provid...
11
|
Jul
|
Cash Converters acquires franchise group at 6.3x profits | BUSINESS SALE
Second-hand retailer and sub-prime lender Cash Converters In...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.