Better Capital to acquire OfficeTeam for £80m

25th Jul 2014 08:04

Better Capital's BECAP12 Fund has entered into an agreement to acquire Project Oliver Topco (POT) and its subsidiaries, which together trade as OfficeTeam, for £80m.Better Capital will purchase POT on a debt-free bases from a consortium of lenders who took control of the group following a financial reconstruction in 2013.OfficeTeam, which specialises in supplying office products and services, generated revenues and pre-exceptional earnings before interest tax deprecation amortisation of £142m and £13m for the year ended December 31st 2013. As of 08:18 the share price was unchanged at 110p.WS