Private equity group invests sum in acquiring repair and logistics firm, beating off competition from ANOVO’s rivals Regenersis
Repair and logistics company ANOVO has been bought by private equity group Butler Capital Partners (BCP) for £21.4 million.
The struggling French-based company entered administration in July with all shares frozen soon after, which still remains the case for now despite the acquisition.
Rival repair firm Regenersis was one of 15 interested parties that entered the bidding process, but ANOVO said BCP presented the most compelling, secure and financial case to the commercial court in Beauvais.
A proposal has been put forward by BCP to save 758 jobs within ANOVO’s struggling French base, with 350 jobs to be lost there over the coming months. No jobs are under threat in the UK.
The acquisition covers ANOVO’s operations across the likes of the UK, France, Spain, Poland, Belgium, Chile and Peru, but not Sweden and Italy. Solutions are currently being looked at for these countries.
ANOVO UK chief commercial officer Stephen Maxwell (pictured) said: “We’ve had a period of uncertainty but the UK arm of the Group has always been in very good shape and has been a profitable business.
“We’re now well financed and part of a very large stable of companies, presenting many areas for us to grow and develop the business.”