Deal round-up 05/04/02

Kelso Place acquires Sepura; Sun Capital acquires Rexam division

Kelso Place acquires Sepura

UK private equity firm Kelso Place Asset Management has completed the purchase of Sepura, a wireless communications provider. The firm was acquired from Simoco Digital Systems, a Cambridge-based supplier of private digital mobile radios.

Simoco achieved a combined turnover of £250m between 1996 and 1999 and was backed by Cinven to the tune of £40m in October 1999. The company failed to capitalise on this investment, announcing a restructuring in 1999 which saw the loss of 150 jobs. The firm went into receivership in February 2002. The financial details of the transaction have not been disclosed.

Sun Capital acquires Rexam division

US private equity firm and leveraged buyout specialist Sun Capital is to acquire the Image Products business of UK consumer packaging business Rexam Plc. The consideration comprises £24m ($35m) in cash, including borrowings assumed, and a three and a half year subordinated note for £18m.

In 2001 Image Products had sales of £154m and at 31 December 2001 had net operating assets of £35m. The cash proceeds of the sale will be used by Rexam to reduce borrowings.