Close exit from NDR

Close Brothers Private Equity has sold its stake in business continuity specialist Network Disaster Recovery (NDR) for £37.2 million.

Following a prolonged courtship, UK-listed IT services group Phoenix IT has completed its acquisition of NDR – operator of disaster recovery centres in London, Bristol, Birmingham and Uxbridge.

As Close Brother’s Sean Dinnen explains, the deal represents the latest in a series of profitable exits for the group. ‘This has been a successful investment for CBPE,’ he elaborates. ‘The business continuity and disaster recovery market in the UK has been expanding in recent years… and NDR has demonstrated its ability to successfully grow.’

Over the past 12 months Close has completed a total of seven investments from the fund behind NDR, realising some £188 million – a 3.5 times return on costs.

Recent days have also seen Close’s corporate finance team reassert its commitment to the private equity industry.

Newly appointed to the role of head of private equity coverage at Close Brothers Corporate Finance is Mark Baddow, a Close veteran boasting eight years’ experience advising the likes of 3i, Bridgepoint and Electra. It is hoped Baddow will be able to enhance deal activity within the corporate finance team.

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Leslie Copeland

Gordon Yost

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

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