Management buy-out at Comtec Europe – UPDATED
Comtec Europe has become the subject of a management buy-out led by private equity firm RJD Partners.
As part of the deal, RJD and HSBC Bank have become investors in the technology company, which will by run by a senior management team led by chief executive Simon Powell.
Dominic Twitchin and Chris Chiles, co-founders with Powell, have exited the business.
The equity is now shared between Powell, client relationship director Richard Turner, finance director Matt Wakerley, chief technology officer Humphrey Sheil and sales director Howard Frost, with funding from RJD and HSBC.
Powell said the company was now looking at making “strategic acquisitions” to take it to the next stage of growth.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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