As part of a strategy to reduce its debt by selling a number of non-core businesses, Capita, the consulting, transformation and digital services business, has agreed to sell IT services and solutions provider Trustmarque to One Equity Partners for £111m on a cash free, debt free basis.
Taking into account cash-like and debt- like items, Capita expects to receive net proceeds of circa £115m at completion. An additional £3m is receivable by Capita contingent on certain future events.
The sale of Trustmarque, following those of software businesses AMT Sybex and Secure Solutions and Services, will strengthen Capita’s balance sheet and enable it to focus on its two core divisions of Capita Public Service and Capita Experience.
The proceeds from these three sales mean that Capita has already reached its target of £700m in total disposal proceeds by June 2022.
Capita CEO Jon Lewis said: “We are now focused on selling the remaining businesses in our Portfolio division, with the goal of disposing of the majority by the end of 2022.”
Trustmarque, erstwhile technology pillar of Capita’s Portfolio division, provides software and hardware re-sale, IT managed services, IT professional services, unified communications, testing and quality assurance and security penetration testing. Its net reported revenue and profit before tax for the year to 31 December 2020 were £122m and £16m respectively.