IT group Capula has seen a secondary management buyout backed by Dunedin Capital Partners.
The independent provider of real time IT solutions to the energy and utility markets has been acquired from Bridgepoint in a £30 million deal.
The management team was led by chief executive Roger Turner.
Dunedin provided £15.6 million of equity, for a 70 per cent stake. A debt facility of £14.5 million came via Barclays Leveraged Finance.
Capula provides real time automation systems to the nuclear, power generation and utilities markets, a specialised business which involves
complex software programming and systems engineering.
The company was established in 1970 and now employs more than 180 staff at offices in Stone, Staffordshire, Gloucester and Cumbria.
It claims a strong market position in its core markets of power generation and the nuclear industry, providing IT systems which control much of the electricity distributed across the UK and IT services to the majority of the plants at the Sellafield nuclear site. In addition, Capula boasts it is the only UK company with a 100 per cent track record of on time delivery of IT systems to the UK's coal fired power stations.
Capula's strategy to develop the business is to expand its presence in the nuclear and water utilities sectors where legislation is driving a round of increased capital expenditure for infrastructure projects that it is well placed to implement.
Mr Turner said: "This is a very exciting time for everyone at Capula.
"All our markets are facing a period of significant capital investment driven by factors such as the Government's recent Energy Review and regulatory driven investment in the utilities. Dunedin has joined our team at just the right time to help us capitalise on opportunities as our clients adopt the latest generation of advanced automation systems to improve business efficiency."
Dunedin directors John Hudson and Dougal Bennett led and completed the transaction.
Mr Hudson said: "We are delighted to be supporting Roger and the management team in this secondary buyout.
"Capula is a clear market leader in its field and the accomplishments of the management team were a key factor in our decision to make this investment. The nuclear and utilities sectors are poised for considerable growth and we look forward to working with the Capula management in developing the business."
Ernst & Young advised Dunedin on the acquisition with Pinsent Mason, KPMG and Armstrong providing legal advice, financial and commercial due diligence respectively.
Dunedin provides equity finance for management buyouts and management buyins with a transaction size of £10-£50 million.