Better Capital’s BECAP Fund LP has acquired certain trade and assets of the Santia group of companies (wholly owned subsidiaries of Connaught plc, in administration) and related subsidiaries.
The investment has been effected through acquisition vehicles owned and controlled by the Better Capital F fund.
The Santia group is a leading provider of health and safety risk management services, including; health and safety consultancy, training services, occupational health, asbestos management, food safety, information services and supplier and vendor accreditation. Santia will continue to serve both private and public sector organisations.
Latest unaudited revenues of the acquired companies for the year to 31 August 2010 were GBP40.9 million, with an operating profit (pre-exceptional items and Connaught central recharge) of GBP3.3 million. At 31 August 2010 the Group had unaudited gross assets of GBP24.0 million, of which intangibles represented GBP0.5 million.
The Better Capital Fund has committed GBP15.0 million to finance the acquisition and to fund the restructuring and working capital requirements. Sean Cooper, a member of Better Capital LLP (which provides consultancy services to Better Capital Fund’s general partner), will join the boards of the acquisition vehicles.
