Bezier eyes acquisitions following MBO deal
Bezier eyes acquisitions following MBO dealFollowing its management-buyout earlier this week, point-of-sale marketing business Bezier has said that it is considering selective acquisitions.
The MBO, completed earlier this week and led by chief executive Trevor O’Reilly, with financial backing from H.I.G., saw the acquisition of the company’s senior debt of over £70m, with more money said to be available for acquisitions.
O’Reilly told Business Insider: "We have made significant progress over the past 18 months implementing a new and innovative strategy for the business that puts our clients at the centre of everything we do.
"The market is changing and we are building a business model that allows Bezier to lead the way in taking advantage of new opportunities.
"It's been challenging to do this with the legacy of debt within the business but that constraint to growth has now been removed. We were not alone in having a poor balance sheet but we now have one of the strongest balance sheets in the industry and a financial backer willing to invest in the business to support its ambitions."
The MBO also means that chairman David Mitchell will step down.
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Comments
The legacy of debt was built up in the first place, by them buying other businesses they couldn't afford - hence the 70 million debt!
So the management really have learnt a lot haven't they???
To be fair Mitchell and his Scottish 'alliance' came in to the business with 120 million in debt on the books. If that boardroom had been any more blue there'd have been haggis on the menu in the staff canteen every day. Downward spiral...
The collapse of this company can be seen by many and will make a prime example of risk management meltdown. So much has been invested in it's success, no one will face some of the shocking home truth that the company, from top to bottom, is full of people who just haven't a clue what they're doing.
Should have maybe spent some money sorting that out.
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