Jamieson Corporate Finance LLP announces its role in advising the incumbent management team of Upperpoint Distribution Limited (“Upperpoint”) on their £128m secondary buyout backed by Close Brothers Private Equity from PPM Capital.
Upperpoint, which operates under the Norbain brand in the UK and is based in Reading, specialises in supplying CCTV equipment covering both third party brands as well as its own brand, Vista, one of Europe’s leading CCTV brands. The business, which generated revenues of £128m in the year to March 2005, employs c350 personnel and has market leading operations in the UK, Portugal and South Africa.
“Upperpoint is a clear market leader in a sector which is growing strongly and has consistently grown in profitability. We are delighted to have to have acted for a management team that has proved itself over a long period of time and one that has a clear strategy for taking the business to its next phase of growth”
Ian Jamieson, Jamieson
The deal highlights the continued strength of the secondary buyout market and the strong competition from private equity firms for high quality assets.
“We were able to use the competitive tension that the auction generated to ensure that management played a key role in the deal and to maximise managements financial participation”.
Stuart Coventry, Jamieson