Tracsis sells Events Transport Planning & Management business to Connection Capital
Leeds-based Tracsis, the transport technology provider, has sold its Events Transport Planning & Management business to private capital investment firm Connection Capital LLP.
Under the terms of the sale, Connection Capital has acquired 100% of the issued share capital of Tracsis Events Limited for an enterprise value of £7.25m on a cash-free, debt-free basis.
The consideration has been satisfied in cash, subject to working capital adjustments, Tracsis said.
David Frost, CEO of Tracsis, said: “As part of our growth transformation strategy, we have been reviewing the alignment of our portfolio, and this divestment is an important outcome of that process. The Events business has built a strong position in its market. However, we believe it is better suited to an owner whose strategic priorities are more closely aligned with its next phase of growth.
"Following a rigorous process, we are confident this transaction delivers fair value for shareholders while providing a positive outcome for customers and colleagues. “Together with the recent acquisition of Mistral Data, this sale represents another significant step in reshaping the group towards a higher-margin, more scalable software business with a growing proportion of recurring revenue. The proceeds will strengthen our balance sheet, support future investment in our strategic growth priorities, and accelerate the reduction of net debt.”