Vista bought out in pounds 4m takeover deal; In association with BUSINESS ...VENTURE Door manufacturer is to go private.
DOOR manufacturer Vista Group will go private after five years on the Alternative Investment Market (AIM) after a pounds 4m takeover deal was completed.
Vista, which employs 86 people in Prenton, has been bought by newlyformed bid vehicle Purple Spot and its shares will disappear from AIM at the end of the month.
Vista was founded in 1995 and floated on AIM in 2003. Its plant produces more than 2,500 doors and door panels a week.
Vista posted pre-tax profits of pounds 517,000 on sales of pounds 4.08m for the six months to June 30 last year. Chief executive Keith Sadler will remain at the helm.
Purple Spot has been formed by Manchester group CorpAcq. The majority of its shares are held by CorpAcq chairman Simon Orange, who says Vista will fit well with CorpAcq's other building products businesses including Leigh-based Regency Glass.
Mr Orange said: "We have a strategy to expand our portfolio of building product manufacturers and Vista is a perfect addition.
"We will be looking to build on the success Vista has achieved over the last 13 years and develop the company further into new markets."
Announcing the deal, Vista said its directors believed the deal was in the long-term interests of the company.
It said: "The Vista directors consider that, although Vista has a viable future as an independent company, it is too small both to support the costs of being a publicly traded company and to generate the returns expected by equity investors."
The deal was funded by the Cooperative Bank. Its regional business development manager Paul Edmonds said: "We have built up a strong relationship with Simon Orange and his team and we recognise CorpAcq as a strong and experienced buyer. This has enabled us complete deals swiftly and efficiently."
Mr Orange and his team were advised by Manchester-based TMG Corporate Finance. Its associate director Nick Cattell said: "Vista gives CorpAcq a strong portfolio of building product companies and puts Simon and his team in a strong position for future growth."
Deal is in long term interests of the company
Paul Edmonds, the Co-operative Bank; Simon Orange, CorpAcq; Nick Cattell, TMG, and Keith Sadler, Vista
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|Publication:||Daily Post (Liverpool, England)|
|Date:||Apr 19, 2008|
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