The private equity arm of Close Brothers, the investment bank, is backing a £25m secondary management buy-out for IT company Network Disaster Recovery (NDR).
NDR was established in 1994 by its current management team and 3i Group. Its customer base includes companies such as mobile phone company Orange and Avon Cosmetics. It offers its services from centres in London, Birmingham and Bristol.
Close Brothers Private Equity has put up £5.5m to fund the buy-out. The rest of the capital came from NDR's management and a loan from Royal Bank of Scotland.
The investment in NDR is the third for Close Brothers Private Equity's Fund VI which opened in October last year and has already raised £125m of a targeted £200m. Fund VI has so far attracted investment from the UK as well as the rest of Europe, the Middle East and the US.
Sean Dinnen, partner at CBPE, who joins NDR’s board as a non-executive director, said: “We are excited to have the opportunity to back an experienced team who have built a strong business over the past six years. We look forward to their continued success in this growth market.”