Capital Law is delighted to have advised private equity house WestBridge Capital, and the management shareholders led by the CEO Richard Cottrell, on the sale of Vista Retail Support to private equity firm LDC.
This deal was recently named Deal of the Month by Insider Media.
Vista, which is headquartered in Cardiff, has secured a £14m investment from LDC. The organisation installs, manages and maintains in-store technology for many of the UK’s leading retailers, including Lloyds Pharmacy, Monsoon, Odeon Cinemas, and Pets at Home. Vista employs its unmatched expertise and customer service to provide specialist support to some of the biggest names in retail, hospitality, and leisure in the UK and Europe. Vista’s systems enables innovation in cutting-edge payment technologies, robotics, virtual reality applications, and artificial intelligence.
WestBridge originally acquired the business in 2014. Over the last three years, they’ve successfully supported the executive team in growing the business, with significant increases in profitability and revenues. WestBridge will now exit with a four times return on their original investment.
The deal will see LDC take a significant stake in the business, while the senior management team will increase its shareholding. LDC Investment Directors, Dewi Hughes and Pete Latham, will join the management team on the Board. Mark Molyneux will join the Board as Chairman, and Kath Roach as a Non-Executive Director.
This deal will support Vista’s ongoing growth, both at home and abroad. The business is targeting bolt-on acquisitions, together with expansion into new retail segments.
Sandy Smart, WestBridge partner, said: “Capital Law is our ‘go-to’ legal advisor whenever we make an acquisition. The team was with us when we first invested in Vista in 2014, and at our side again at this very successful exit. The quality of their advice is second to none, not only on transactions, but also in support during the years of our ownership.”
Richard Cottrell, CEO of Vista, said “Any investment process is always a challenge for management. You need to be cautious that you don’t stop focusing on the business during this time. Tom and the Capital Law team were fantastic. They understood the challenges, and used their Corporate Finance expertise to guide us through the process. This allowed us to continue to run the business, despite the distractions.”
Tom Kelleher, from Capital Law, said “It’s very rewarding for us to have acted on the sale of a company by a private equity client, when we also acted on its purchase. Its been great to see the business develop as it has through the three and a half years of WestBridge’s ownership. We look forward to watching it develop in management’s hands with their new backers’ hands. Capital looks forward to more work in partnership with WestBridge on future investments.”
For more information, please contact Tom Kelleher.
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