What's New

Management led buy out of Notability Solutions Ltd from parent company Notability Solutions plc -- Westchester advises parent company on successful sale

LONDON — February 12, 2003 — Westchester Associates Limited (www.westchester.co.uk) today announced that it has successfully advised its client, Notability Solutions plc, in the sale of Notability's Infrastructure business (now called Notability Solutions Ltd) to a management team led by Steve Ellis and Dave Harper.

Steve Morris, Chairman and CEO of the former parent Notability Solutions plc remarked, "We were engaged in protracted negotiations with the management team and their financial backers when Westchester were invited to assist us during this, the most difficult, period in the negotiations. Westchester were able to deftly steer the process "back on track" leading to a successful sale. Mr. Morris went on to add, "Westchester truly makes a difference, they do whatever it takes in terms of time, energy, insight and dedication to lead a project to a successful conclusion. I believe that we would still be negotiating today now if it were not for the involvement of Westchester."

Notability Solutions Ltd is an IT solution provider focusing on the IBM range of infrastructure hardware and software products servicing a very large cross section of blue chip clients. Sales are currently running at £25m. The business currently employs c. 70 people and is based in Firmley, England. It is backed by Barclay's Ventures and Proven with senior debt funding provided by Barclays Leveraged Finance.

About Westchester Associates

Westchester Associates are specialists in technology mergers and acquisitions (M&A) services. We represent and advise Sellers and Buyers in M&A projects in the UK, Europe and the USA, with specific focus in software and service businesses.