Birmingham advisers have played a key role in the sale of business service provider FirstAssist Services Holdings to Capita for £12.5 million.
The firm, which employs 360 people and has operations in Hinckley, Leicestershire and Purley, was sold by Barclays Private Equity (BPE).
Lead advisers to BPE on the sale were Richard Sanders and Emmet Keating of the Birmingham office of Catalyst Corporate Finance and legal advice was provided by Joanne Ellis, Paul Harkin and Ed Stead of the Birmingham office of Pinsent Masons.
Paul Pignatelli of the Glasgow office of DLA acted for Capita and Tenon undertook due diligence.
FirstAssist’s core products include employee assistance programmes, absence management solutions, occupational health and international assistance.
It was acquired by BPE and its management team in 2003 as part of the larger £147 million management buy-out of First Assist Group.
In late 2006, FirstAssist Services was demerged from the group and taken into independent ownership by BPE and its management team.
FirstAssist Group, a provider of personal and commercial insurance continues to be owned by BPE.
Catherine Wall, a director of Barclays Private Equity and a non-executive director of FirstAssist Services, said the business performance of FirstAssist Services had improved significantly following it becoming an independent company in 2006.
"A greater focus and clarity on delivery to clients, together with redesigned IT systems, enabled us to move the business from losses in 2006 to profits and continued growth.
"A new management team and the de-merger from FirstAssist Insurance Services enabled a much sharper focus and the company’s performance has been impressive."