Exchange parent Vertex Financial Services has been sold to a consortium of US-based private equity firms for £217.5m.
Oak Hill Capital Partners is leading the consortium, which includes GenNx360 and Knox Lawrence International. It says the deal is expected to be completed by the end of March, subject to FSA approval.
United Utilities announced before Christmas that it was looking to sell Vertex, which was not seen as core to its strategy. The deal comprises cash, debt repayment and the retention of some of Vertex’s liabilities.
Vertex has reassured customers that it remains committed to its operations and clients. It denies any divestment of 1st Software, saying it remains an integral part of the business.
Vertex managing director Tom Drury says employees and clients will be kept fully informed of progress during the weeks leading to completion.
Drury says: “The sale to a group of investors led by Oak Hill Capital represents the natural evolution in the development of our business and will ensure that Vertex has the backing it needs to continue to develop successfully. It remains very much business as usual.”