UK-based Granada Computer Services International (GCSI) has broken away from its parent, Granada, with an #89 million management buy-out.
GCSI employs 1,700 staff and made a profit of #8.7 million on a turnover of #133.5 million in the year to September. The company provides outsourcing, maintenance and disaster recovery services in 11 countries. Its UK customers include British Airways, the Woolwich bank and Newcastle United football club.
Parent company Granada had been looking to sell the unit for some time as part of its overall programme of focusing on its core leisure and hotels businesses.
The management buy-out has been backed by CVC Capital Partners, the European private equity division of US bank Citicorp.
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