[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

Cintel M.B.O aquisition

Cintel Intemational Limited, together with Brimar and Taylor Hobson, was
acquired from the Rank Organisation in the autumn of 1996 by Precision
Industries Holdings Limited, which made it clear that its investors
(Schroder Ventures) would seek suitable exit opportunities, by sale or
flotation, for any or all of the companies involved.

For Cintel and Brimar just such an opportunity has arisen. 3i is the UK's
leading provider of investment capital, and is the largest investor in
management buyouts. It has now proffered support for a management buyout of
Cintel and Brimar.

3i is a quoted investment trust, with investments valued at 36 bn at 30
September 1996. It invested 325 m in the six months ended 30 September. 3i
floated in July 1994 and immediately entered the FTSE 100 share index.

The management teams of both companies welcome this opportunity, and are
actively working towards successful completion of agreements for the new
acquisition. Precision Industries Holdings Limited equally welcome this
development, and have granted a period of exclusivity for negotiations to
be completed.

The acquisition of Cintel by its management funded by 3i will enable the
Company to press ahead with its ambitious strategic and product development
plans, as will be seen from the demonstrations at this year's NAB

As soon as further information on the change of ownership is available I
will make another statement. Until that time, you will understand that a
successful conclusion of the negotiations is out top priority.
Jack Bnttain 
Managing Director, Cintel International Limited

mailinglist digest available......posting guidelines on the webpage