European Capital SA, a wholly-owned subsidiary of European Capital Limited has invested €83 million (£56 million) in the buyout of Miles 33 Group Limited. European Capital’s investment takes the form of equity, subordinated debt and senior loan facilities. As a result of the investment, European Capital is the majority shareholder of Miles 33 with approximately 60% ownership. Miles 33’s previous owners and senior management also invested in the company as part of the buyout and hold the remaining 40%.
The official statement goes on to say "Founded in 1976, Miles 33 is a supplier of computer software to the publishing sector, with regional newspapers being its largest customer segment. Miles 33’s integrated suite of modules supports key functions such as editorial production and workflow, advertising booking (paper and online), customer relationship management and credit management. The company also supplies law firms with practice management and financial software." (We think it's fair to assume it is the publishing side of the business that attracted the lion's share of the investment - Charles Christian.)
“I am delighted to have secured this investment from European Capital whom we believe to be the best choice to help us deliver the next stage of our strategic growth. The management team and I are excited at the prospect of what this new relationship can bring to the future of our business,” said Miles 33 chairman Alex Yew.
