Hamilton Portfolio, a private equity firm founded by entrepreneur John Boyle, has concluded the sale of UK expense management firm Global Expense for GBP14m to the American technology company Concur.
Global Expense manages the expenses process for leading companies in the UK, including British Airways, Sainsbury’s, Fujitsu and Asda. The company is headquartered in London with a processing centre in Kent.
Hamilton Portfolio is Global Expense’s largest shareholder and invested GBP1.6m over a 10-year period.
Boyle says: “This is a successful example of venture, not vulture capitalism. Hamilton has been deeply involved in the management and operation of Global Expense for 10 years and the staff, who owned 10 per cent of the company, were delighted to receive GBP1.4m.
“Following the acquisition there were no redundancies and staff numbers at Global Expense have actually increased. Concur has also relocated some of it European-based personnel and processing to Kent – a genuine testimony to the company’s success.
“It has been a real win-win-win – for the staff, investors and a great strategic buy for Concur.”
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