Better Capital transfers Spicers to OfficeTeam fund
| 31 July, 2014
Investment company Better Capital says that Spicers and OfficeTeam have entered a transaction under which control of Spicers will be taken over by the fund that owns OfficeTeam.
The news comes just days after BECAP12 Fund LP's acquisition of OfficeTeam, on a debt-free basis for GBP80.0 million.
Better Capital PCC said that a wider capital restructuring will take place over the next few weeks. "The businesses will continue to trade separately in recognition of their differing market positions with care being taken to respect the interests of customers. The management of both Spicers and OfficeTeam believe that this transaction will provide considerable benefits to their customers," Better Capital PCC said in a statement.