Miles 33 – a deal that slipped in under the radar

Mea culpa – while we were busily watching the antics of the CS Group we totally missed this deal slip in under the radar. It’s slightly historic now but here it is anyway…European Capital SA, a wholly-owned subsidiary of European
Capital Limited has invested €83
million (£56 million) in the buyout of Miles 33 Group
Limited. European Capital’s investment takes the form of equity,
subordinated debt and senior loan facilities. As a result of the
investment, European Capital is the majority shareholder of Miles 33
with approximately 60% ownership. Miles 33’s previous owners and
senior management also invested in the company as part of the buyout
and hold the remaining 40%.The official statement goes on to say “Founded in 1976, Miles 33 is a supplier of computer software to the
publishing sector, with regional newspapers being its largest customer
segment. Miles 33’s integrated suite of modules supports key functions
such as editorial production and workflow, advertising booking (paper
and online), customer relationship management and credit management. The company also supplies law firms with practice management and
financial software.” (We think it’s fair to assume it is the publishing side of the business that attracted the lion’s share of the investment – Charles Christian.)
“I am delighted to have secured this investment from European
Capital whom we believe to be the best choice to help us deliver the
next stage of our strategic growth. The management team and I are
excited at the prospect of what this new relationship can bring to the
future of our business,” said Miles 33 chairman Alex Yew.