22/08/11
By Karen Moss
Bezier and HIG Europe, the European arm of global private equity firm HIG Capital, have agreed the terms of a management led buy out of the company.
The PoS provider's management team will continue to be led by Trevor O’Reilly as chief executive. He said: “Until today the company has been carrying too much debt, but now with such a strong balance sheet and a financial backer with the firepower of HIG Europe we will be able to reach our full potential.”
Under this new agreement not only has the level of debt been significantly reduced but, HIG Europe has also committed further capital to helping the business deliver on its plan to grow both organically and through selective acquisitions.
David Mitchell, the current chairman, having helped to successfully refinance the business, has signalled his intention to step down. He said: “Having steered the business through a significant transformation, it is good to leave the business in such good shape with a supportive and strong financial backer.”
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