Mergers and Acquistions News
Categories: IT Services & Consulting
December 18th 2008, 16:13PM
UK-based healthcare IT business Ascribe has been acquired by its management team in a deal worth £33.3 million.
The management buyout, which was led by chief executive officer Stephen Crtichlow, chief operation officer Chris Dickson and financial director Jeremy Lee, will see the firm removed from the AIM exchange.
Private equity firm ECI and Yorkshire Bank's Corporate and Structured Finance team baked the deal.
Commenting on the move, Mr Critchlow said: "This not only allows us to offer our shareholders a premium for their shares, but also allows us to finance our business plan appropriately."
The firm should also have significant funds available for further acquisitions, he added.
Mr Critchlow also expressed his delight that they had been able to fund the deal in such a "challenging environment".
Recently, it was revealed that UK IT service firm Fayrewood is set to be acquired by Letchworth for around £29.3 million in a deal worth 126 pence per share.
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