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CS Group goes private for £100m

The Computer Software Group plc  (CS Group – which last year bought the legal suppliers Aim, Laserform and Videss) is about to delist from the AIM market as a result of a refinancing deal that sees a number of members of the existing management team making a cash offer – worth just under £100 million – for the existing share capital of the company. The offer price is 150 pence per share, giving the company a total value of £99.6m although the total refinancing deal is for £122m.

The funding has been organised by PricewaterhouseCoopers in association with venture capitalists HgCapital on behalf of Guildford AcquisitionCo, which includes Vin Murria, Michael Jackson, Barbara Firth and David England from the existing CS Group management team. Vin Murria told the Orange Rag that there would be no changes to the CS Group and that it would very much be business as usual. However she went on to say that by taking the company private, it would give them far greater flexibility and room to manoeuvre than when they were AIM-listed. In particular, Murria said she anticipated the pace of acquisitions being increased – with the first deal likely to be announced within 6 weeks. “It's all systems go,” she said, “we will be moving onwards and upwards faster than before.”