Transport tech giant snaps up rail display manufacturer for £8.7m
Journeo plc, the Ashby-based provider of information and tech services for public transport, has completed an £8.7m deal to acquire rail passenger information display manufacturer Infotec.
Infotec – as trading name of IGL Limited – is the leading UK firm of its kind, with over 15,000 displays in operation across 80% of the rail network.
The deal sees Infotec become part of Journeo Group and is expected to add approximately £12m of sales and c. £2m of pre-tax profit to the company in the first full year following completion of the acquisition.
Knights’ Corporate team led by Karen Procter advised Journeo on the swoop, helping the AIM-listed firm to raise £7m to fund the deal.
Russ Singleton, chief executive officer of Journeo, said: “We are delighted to announce the acquisition of Infotec, a leader in the rail passenger displays market. The fundraising enables Journeo to welcome new institutional and retail investors as well as supporting existing shareholders in increasing the value of their investment.
“Karen and the team at Knights were with us every step of the way, from the early stages of the deal negotiations, working seamlessly with us and our NOMAD and broker Cenkos as we successfully raised the finance and completed the acquisition.”
Procter, corporate partner at Knights, said: “It has been an absolute pleasure to advise and work with Russ Singleton, Nick Lowe and the board at Journeo on this important acquisition and fundraising. The acquisition process was long running and technically detailed at times so we are delighted to help bring it to a positive conclusion for Journeo.
“We have also enjoyed working with the company’s nominated adviser and broker Cenkos Securities plc on such a successful fundraising. The future now looks very bright for the enlarged Journeo group.”