Management gobble food-tracing-by-Microsoft firm Anglia
A 'hidden gem', salivates money man
The management at Anglia Business Solutions has completed a £6m buyout of the Cambridge-based Microsoft Gold partner.
The team behind the MBO was led by Group CEO Robert Frost and the funding was stumped up by the execs, alongside WestBridge Capital, The Co-Operative Bank and a US VC group.
Frost said in a canned statement the deal represented the "next chapter in our growth strategy".
The MBO follows the death of David Hurley in January after a "short illness". Hurley was one of the founding members of Anglia and subsequently became a director and major shareholder.
Hurley led the business for 15 years and it was his plan to develop LINKFresh - a management solution for the supply chain of the food industry based on Microsoft's Dynamics AX platform.
In another prepared statement, Guy Davies, managing partner at WestBridge Capital, said Anglia will try to bolster its foothold in the States "where food traceability legislation is catching up with Europe".
"This is the sort of hidden gem company we like to invest in - established, profitable and with huge growth potential, but in need of capital to implement its plans," he said.
In the year to 31 October 2011, Anglia sales fell to £4.9m from £5.18m in the previous financial year and operating profit fell to £589,750 from £942,596. ®