It looks like Jon ‘Happy Jak’ Moulton has made yet another canny addition to his Better Capital private equity stable, with the (in effect) acquisition of UK-based but internationally spread ePOS hardware, software and services firm, DigiPoS. Though the precise price paid was not clear, Moulton has thrown £21m at the special purpose vehicle that was used to effect the transaction.
DigiPoS appears to have been a bit of a star in its time. It was founded in 1994 and was subject to a £35m Barlcays-backed MBO from its original parent company in 2003. DigiPoS made the Sunday Times fast Track Top 100 in 2009. According to Better Capital, DigiPoS turned over £57m in the year to 2 March 2010, with £2m of EBITDA and £10m of net assets. No clues to recent performance, though Moulton’s strong suit is turn-arounds. I have a hunch that Torex CEO, Steve Rowley, will be eyeing this development with much interest!
Moulton has been rapidly building up his new PE portfolio, recently with a couple of bolt-on acquisitions for Calyx (see Calyx acquires (twice)). Indeed, though not in our space, Moulton has also just announced the (conditional) acquisition of the UK and Irish business of Spicers, a pan-European supplier of stationery and office products, from Unipapel SA. Some £40m will be thrown into that pot.