Northern Investors has announced the sale of its investment in Kerridge Commercial Systems Limited to the incumbent management team backed by private equity funds managed by Accel-KKR. Kerridge provides integrated business software solutions for the distributive trades.
Northern Investors has received cash proceeds of £16.38m. The directors’ valuation as at 30 September 2014 was £14.6m so the uplift is therefore £1.77m, equivalent to approximately 20.3 pence per share based on the 8,728,440 shares currently in issue. In addition, subject to any warranty claims which may be made by the purchaser, further proceeds of up to £0.85m might be paid in February 2016.
Northern Investors plans to return £18.5m to shareholders now by way of a tender. They aim to publish a circular at the end of February and complete the tender by the end of March.
NRI : Northern Investors sells Kerridge and will return cash