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Kleinwort completes the sale of Vivista to SunGard


28 February 2005 -- Kleinwort Capital Limited (“KCL”) has today announced the sale of one its portfolio companies, Vivista Holdings Limited (“Vivista”), to SunGard Data Systems Inc (“SunGard”).

This transaction, initially worth £104.5 million, generates cash proceeds of 8.1 times the initial investment and an IRR of 254% per annum. The final consideration could increase the transaction proceeds by up to a further £5.5 million.

KCL led the investment by Kleinwort Capital Partners IV (“KCP IV”) in Vivista, a new company formed to acquire Securicor Information Systems in a £20.5 million management buy-out in May 2003.

Vivista is a leading provider of Information and Communications Technology and Business Support Services to the public sector, particularly to the local government and public safety markets. It has long term contracts to roll out and support new software to the English and Welsh police forces in order to modernise the Custody and Case Preparation processes. These systems are a key platform for the Government’s ‘joined up Criminal Justice System’ initiative. The annualised revenue has grown by over 60% since the MBO to nearly £90 million and profits have increased five fold, including a 33% annual increase since February 2004, as Vivista has increased its scale to meet the demanding Government targets.

Richard Green, managing director of KCL said: ”This has been an outstanding investment for us. We were originally approached by the MBO team because of our expertise in the technology sector and our focus on helping management teams. The management team has done a tremendous job to deliver on the demanding timescales and requirements of Vivista’s clients.”

Given the excellent growth of Vivista over this time period, KCL was approached by a number of third parties and SunGard was selected because it had the best strategic and management fit with Vivista.

Steven Clarke, the KCL director who led the investment, continued: “We were able to support the team in creating value by introducing Richard Moon as chairman. We also used our relationships with specialist advisors to identify key attributes for growth and position Vivista in the broader IT services market for the public sector. The speed at which Vivista outperformed its MBO business plan is outstanding. Vivista has plenty more opportunities for future growth in its core markets, including business process outsourcing. We wanted to make sure that the new partner was one who would enable Vivista to realise and build on these opportunities.”

The shareholders of Vivista were advised by the TMT Corporate Finance Team at Deloitte and Macfarlanes solicitors.


About Kleinwort
Kleinwort Capital Limited focuses on mid-market private equity investments of between £10 million and £100 million in UK growth companies in the media, technology, healthcare and specialist manufacturing sectors.

The company was founded in November 2001 by its management team together with its two largest investors, when KCL took over the funds under management and employees of a long established private equity business.

Kleinwort Capital has £300 million under management from pension funds, insurance companies, local authorities, private banks and clients worldwide. It currently has a portfolio of private company investments including – Hat Trick Productions, Ramesys Holdings, European Telecommunications & Technology (ETT), Discovery Group, Video Arts and Kangol. www.kleinwortcapital.com


About Vivista
Founded in 1971, Vivista Holding Limited, formerly Securicor Information Systems, is a well established market leading Information and Communication Technology and Business Support company providing systems and services in the UK public safety, criminal justice and local government sector. Vivista is based in Chippenham, Wiltshire with offices around the UK. www.vivista.co.uk


About SunGard
SunGard is a global leader in integrated software and p


Publisher Contact Information:

Kleinwort Capital
+44 (0)20 7632 8220
info@kleinwortcapital.com

Company profile of August Equity (formerly Kleinwort Capital )
Past press releases of August Equity (formerly Kleinwort Capital ).

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