Jamieson has advised the incumbent management team on the buyout by The Carlyle Group of the Cash Systems business of De La Rue plc. The buyout is conditional, amongst other things, on the approval of the shareholders of De La Rue plc and on the receipt of certain regulatory approvals and is expected to complete before the end of September 2008.
Cash Systems is a leading provider of cash handling technology solutions focused on authenticating, counting and sorting banknotes. For the financial year ended 29 March 2008, Cash Systems reported revenue of £286.6 million and operating profit of £35.5 million.
Jamieson Corporate Finance worked with the management team and advised them on structuring their participation in the private equity-backed acquisition.
“The management team have grown the cash systems business serving the retail and commercial banking sector into a strong business in its own right within the De La Rue Group, reflected by the level of interest shown by the different interested parties. We are pleased to have advised management on such a significant transaction”.
Adam Hall, Jamieson