Safetynet MBO puts CEO in charge

Safetynet, the computer disaster recovery company, has been bought in an £85 million management buy-out led by venture capitalist 3i. The deal put the £20 million company in the control of chief executive Paul Barry-Walsh, who upped his stake from 38 to 50 per cent. Safetynet, now owned by newly formed business Safetynet Group, this year expects to make pre-tax profits of £4.6 million on sales of £20.4 million. Safteynet Group is owned 20 per cent by 3i and 25 per cent by Reuters. Barry-Walsh will hold 50 per cent of the voting rights. Safetynet was founded in 1985 as a specialist supplier for the IBM mid-range market, and now offers risk management consultancy and disaster recovery. ®