Bezier Sold in Management Buyout

Bezier has been sold in a management buyout backed by the private equity firm HIG Capital. David Mitchell, Bezier’s Chairman will step down and the company will continue to be led by Chief Exec Trevor O’Reilly.

Bezier Acquisitions, which we believe has no creditors, is being placed into administration with Deloitte. The £120m of debt that Bezier previously had on its balance sheet is said to have been “significantly reduced”, although an agreement between the company and its bankers means that an exact figure can’t be confirmed.

David Mitchell says  "The reason this move is good news is because, unlike many other deals in the industry, suppliers will not be impacted. No supplier will be left behind.

"When we came in it was a very disparate business, there were lots of different companies. There is now more cohesion, it is far more integrated and I would say it has as strong a balance sheet as anyone in the sector."

HIG has made funds available for Bezier, which are likely to be used for further investments and acquisitions.

Trevor O’Reilly said: "Until today the company has been carrying too much debt, but now with such a strong balance sheet and a financial backer with the firepower of HIG Europe we will be able to reach our full potential. The market is changing and we are building a business model that allows Bezier to lead the way in taking advantage of new opportunities. It’s been challenging to do this with the legacy of debt within the business but that constraint to growth has now been removed."

Mitchell concluded: "I don’t know what I will do next. I like doing this, I have been in print since I was a boy and hopefully I will have the opportunity to continue, but it would have to be the right one."

Posted Date: 22nd Aug 2011