Clearwater Corporate Finance has advised Hasgrove plc on the £8.45m sale of its public affairs division, Interel, in a management buyout.
Manchester-based Hasgrove is an AIM-listed marketing and communications group that employs more than 380 people and works with over 600 clients across Europe and the United States.
European strategic communications and public affairs consultancy, Interel, formed in 1983 was integrated with public affairs businesses Cabinet Stewart and Politics International in 2008.
Hasgrove has received an initial cash payment of £6.76m to pay off a substantial proportion of the group’s net debt, and the remaining balance will be used for working capital product development. Under the terms of the deal, Interel has also taken on liabilities of £800,000.
Mike Reeves, said: “Hasgrove has worked hard to establish itself as one of Europe’s leading providers of marketing and communications solutions. This transaction will enable the business to focus on its core strengths and pursue growth opportunities in its digital activities, particularly in developing digital strategies, internal communications and infrastructure for large organisations.”