The deal involved the acquisition of a majority shareholding by a management team led by Managing Director Vince Haffenden, Technical Services Director James Pepper, and Sales and Marketing Director Richard Cottrell.
The transaction received additional mezzanine funding support from Octopus Investments. It involved the management team buying out the existing shareholders, including Finance Wales, which had backed the original buyout in 2008.
Established in 1995 as a technology support business focusing on the retail sector, Vista has grown to a £14m turnover organisation with a workforce of more than 170 staff across the UK. The firm supports some of the best known high street retailers in the UK, with brands such as Superdrug, Lloyds Pharmacy and BHS among its customers.
Vista provides in-store maintenance and IT support to EPOS systems at more than 100 retail, hospitality and restaurant sector customers. A network of 76 field service engineers ensure critical EPoS devices – including tills, cash drawers, hand-held scanners, printers and chip & pin devices – operate efficiently, with minimum down-time.
Commenting on the deal, Vince Haffenden said: “Since the first buyout of Vista from its previous owners in 2008, the business has gone from strength to strength. The team at Clydesdale Bank took the time to fully understand our business and we are delighted that Clydesdale is one of our funding partners in the current MBO.”
Finance Director, Lucy Humphreys, added “Our new Corporate Director has picked up our relationship seamlessly from where the deal team stepped aside.”
Ian Howey, Business Development Director in the Midlands Acquisition Finance team commented: “A major attraction of backing Vista is the critical nature of the services it provides to dozens of high street retailers. Any failure of the EPoS system is hugely disruptive and Vista offers both a preventative and reactive service with excellent performance KPIs. The management team has already identified adjacent markets which have the same service needs and we are delighted to be involved in that phase of growth.”
The team at Clydesdale Bank took the time to fully understand our business and we are delighted that Clydesdale is one of our funding partners in the current MBO.