Vertex Agrees Sale of UK Private Sector Business to Capita
Portfolio Company News - September 19, 2011
Vertex, a leading global Customer Management Outsourcing company has agreed the sale of its UK Private Sector business to the Capita Group Plc for a cash consideration of £40.5 million.
Vertex has 15,000 employees worldwide and clients across a range of sectors including financial services, utilities, private and local and central Government in Australia, the UK, India, the USA and Canada.
The transaction will see approximately 1,400 people in the UK and 200 support staff in India from Vertex's Private Sector business transfer to Capita. The transaction is subject to employee consultation in the UK.
Vertex will continue to pursue its global strategy of providing high value-add CMO solutions for clients in distinct markets and geographies including North America, India and Australia as well as the UK.
In the UK, the company will continue to focus on helping clients in the Public Sector and Financial Services markets, drawing on its depth of capability and added-value solutions and platforms. Outside of the UK, Vertex remains focused on transformational customer management outsourcing contracts in the USA, Canada, India and Australia.
Commenting on the sale, Paul Sweeny, CEO of Vertex said: "Our clearly differentiated Private Sector business brings real value to Capita in a highly competitive market. As a result of today's transaction we will continue to focus on and grow in the areas where we are acknowledged as leaders helping clients unlock citizen and customer value in the public sector and financial services markets in the UK.""
About Vertex
Vertex was founded in 1996 as a subsidiary of British utilities provider, United Utilities Plc. The company has grown to offer transformational outsourcing and information technology services capabilities to help clients build profitable, long-term relationships with their customers. Vertex currently employs 9,000 people in the UK, US, Canada and India serving clients in utilities, financial services, retail, telecommunications, travel and the public sector.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity 3.0 firm that applies leading operational expertise and investment discipline to successfully buy, guide, grow and sell industrial B2B companies, generate superior returns and preserve capital regardless of market cycles.