Vista Retail Support has secured a £14 million investment from private equity firm LDC. The deal values the business at almost £30 million.
Headquartered in Cardiff, Vista installs, manages and maintains in-store technology for such UK retailers as Lloyds Pharmacy, Monsoon, Odeon Cinemas and Pets at Home. Founded just over 10 years ago, it generated sales of almost £18 million in its last financial year (2016). The investment will support its growth strategy, both at home and abroad, which could include funding potential acquisitions and helping the business expand into new sectors. It enables existing backers WestBridge Capital and Octopus Investments to exit their investment and will see LDC take a significant stake in the business, while the management team will increase its shareholding.
Investment Directors Dewi Hughes and Pete Latham join the board, alongside the existing management team. Mark Molyneux will join the board as Chairman and Kath Roach as Non-Executive Director. Richard Cottrell, Managing Director of Vista Retail Support, says: “We have established ourselves as the go-to partner for IT and technology support in the retail, leisure and hospitality sectors, but we want to extend our reach further and continue to grow both organically and through strategic acquisitions. From the outset, LDC understood the ethos of the business, which is centred on providing outstanding customer service to our clients. This made them a natural growth partner for us. Having LDC on board will give us the additional expertise and firepower needed to develop the business and capitalise on market opportunities to significantly increase our operations and scale.”
Dewi Hughes, Head of LDC Cardiff, comments: “Vista is an impressive business with a highly capable management team, a proven, scalable model and a strong market presence across the UK. We’ll be working closely with the team to pursue organic and acquisition-led growth opportunities to help deliver the business’ long-term ambition. Vista has demonstrated the drive we look for when partnering with a business and it is a great example of the quality of firms headquartered in Wales that have a UK and international reach. To be able to back and support businesses like this is exactly we why wanted to establish an on-the-ground presence in Wales.”