Management buyout complete at Coolabi
Monday, 5th December 2011 at 10:15 am
£4.95 million management buyout funded by Edge Performance VCT.
Specialist entertainment and media fund, Edge Performance has partnered with Coolabi's chief executive, Jeremy Banks, and the rest of the firm's management team, to complete a buyout and take the company private.
The deal will give Coolabi access to significant additional funds, which will allow the firm to invest in its current portfolio of brands, develop new properties and grow the business through strategic acquisitions.
An initial £1 million will be made immediately available.
Under the terms of the agreement, Coolabi will de-list from London's AIM.
Joining Banks on the board will be Gordon Power as chairman, Tim Ricketts as finance director and William Harris as non executive director.
Coolabi's management team will remain in place with Michael Dee as director of content, Zoe Scurfield as head of development and production, and Natasha Dyson as head of licensing.
"Edge is excited to strengthen its involvement with Coolabi," said chairman, Gordon Power. "Coolabi has a well respected portfolio of assets and management team and, with the addition of Edge's financial support, its prospects are excellent."
Banks added: "We are thrilled to be embarking on a new chapter in our long-standing, successful relationship with the team at Edge."
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