Miles 33 is a leading provider of software to the publishing and financial services sectors and has operations in both the UK and the USA. European Capital S.A. SICAR’s investment takes the form of equity, subordinated debt and senior loan facilities. As a result of the investment, European Capital is the majority shareholder of Miles 33 Group Limited with approximately 60% ownership.
Miles 33’s previous owners and senior management also invested in the Company as part of the buyout and hold the remaining 40%. „We are pleased to announce that the London office of European Capital has completed another One Stop Buyout(TM),” said Ira Wagner, President of European Capital Financial Services Limited („European Capital Services”), the sub- investment manager of European Capital, and Chief Operating Officer of American Capital Strategies, Ltd.
„This is the eighth One Stop Buyout(TM) for European Capital in the past 18 months and the fifth for our London office”. European Capital has invested approximately €1.7 billion ($2.3 billion) in the last twelve months, €848 million ($1.1 billion) year to date and €581 million ($783 million) quarter to date. „Miles 33 has achieved an excellent track record of growth based on its market leading technology and services to the rapidly changing publishing industry,” said Alex Morey, European Capital Director.
„We are delighted to be able to back this team of high quality managers and support them in their continued expansion. We believe that under European Capital’s ownership and with the increased financial resources that we can bring to bear, Miles 33 is well placed to execute on its growth strategy both in the UK and internationally.” „Miles 33 represents a classic investment for European Capital in which we are backing a strong management team to buy a market leading business in a highly defensible niche,” said Simon Henderson, European Capital Managing Director.
Founded in 1976, Miles 33 is a supplier of computer software to the publishing sector, with regional newspapers being its largest customer segment. Miles 33’s integrated suite of modules supports key functions such as editorial production and workflow, advertising booking (paper and online), customer relationship management and credit management. The Company also supplies law firms with practice management and financial software. Miles 33 has an innovative sales model, which has enabled the company to build long standing customer relationships with leading newspaper publishers and to generate strong growth in recurring revenues.
Miles 33 is based in Bracknell, Berkshire, UK. „I am delighted to have secured this investment from European Capital whom we believe to be the best choice to help us deliver the next stage of our strategic growth. The management team and I are excited at the prospect of what this new relationship can bring to the future of our business,” said Alex Yew, Miles 33 Chairman. „This is a very exciting time for Miles 33 and the management team,” said Mike Moore, Miles 33 Managing Director.
„With the backing of a large investment group such as European Capital we look forward to continuing and accelerating our strategy for domestic as well as international growth. In particular, we plan to expand our growth in the United States, where we have begun to make significant in roads, and enter other international markets where we do not at present have a presence. I look forward to working with European Capital to continue and extend our track record for sustained growth”.
European Capital is a closed-end investment company for pan-European equity, mezzanine and senior debt investments with capital resources of approximately €2.1 billion ($2.9 billion). European Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts and provides capital directly to private and public companies headquartered predominantly in Europe. European Capital generally invests between €5 million and €500 million per transaction in equity, mezzanine debt and senior debt to fund growth, acquisitions and recapitalizations. (sev.prnewswire.com)
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