Better Capital Limited’s BECAP Fund LP (the fund) has acquired certain bank facilities and related rights of DigiPoS Store Solutions Group Limited and its subsidiaries. The investment has been effected through a special purpose vehicle (the SPV) owned and controlled by the fund.
DigiPoS supplies electronic point of sale hardware and software and provides related installation services. It is headquartered in the UK but has subsidiaries serving local markets throughout the world. The audited accounts for the year to 2 March 2010 show that the Group achieved sales of GBP57 million and generated an EBITDA of GBP2 million. The total net assets at that year end amounted to GBP10 million.
The fund has committed GBP21 million to the SPV. In addition the fund has committed a further GBP3m to Reader’s Digest to fund continuing business and systems improvements.
