Alchemy Partners sells COA Solutions

Private equity investor Alchemy Partners has sold software supplier COA Solutions to Advanced Computer Software for £100 million.

AIM-quoted Advanced Computer Software bought COA’s holding company Redac, financing the deal partly through new banking facilities of £55 million provided by HSBC and RBS.

Alchemy’s exit of COA Solutions follows its sale of Environmental Property Services for up to £38.5 million in November. The firm’s founder Jon Moulton, who quit Alchemy last September following a boardroom bust-up, claimed at the time that its investment capacity had shrunk from £400 million to £100 million.

Vin Murria, chief executive of Advanced Computer Software, says the acquisition is ‘earnings-enhancing’ for the company, offering ‘substantial opportunities to cross sell our existing healthcare products into new markets’.

COA made profits of £12.3 million in the year to March 2009 on sales of £59.8 million, of which more than half was from public sector clients. Pro-forma revenues for the enlarged group in the year to February 2010 are expected to be around £90 million.

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

Related Topics

Private Equity