Bridgepoint Development Capital IV a fund managed by Bridgepoint Advisers Limited, Bridgepoint Development Capital and Bridgepoint Group plc (LSE:BPT) acquired 75% stake in Fera Science Ltd. from Capita plc (LSE:CPI) for £62 million on November 14, 2023. Bridgepoint will acquire 75% stake for an enterprise value of £60 million on a cash-free, debt-free basis. The sale of Capita?s 75% interest in Fera, a joint venture with the Department for Environment, Food & Rural Affairs (Defra), resulted in Capita receiving cash proceeds of £62 million upon completion. All current Fera senior management and employees will remain with the business when Bridgepoint becomes the new majority shareholder on completion. As part of the transaction, Defra is retaining its shareholding. The proceeds, net of transaction costs, will provide additional liquidity to further strengthen Capita?s balance sheet and support investment across the Group.

Neil Nicholson, Michael Snook, John Arey, Alastair MacLeod, Eleanor Hart, Caroline Curran and Adrian Magnus of Strata Technology Partners LLP acted as financial advisor to Capita plc. Helen Croke, Brenda Coleman, Alex Robb, Annie Herdman, Dervla Broderick, David Seymour and Paige Berges of Ropes & Gray LLP acted as legal advisor to Bridgepoint Group plc.

Bridgepoint Group plc (LSE:BPT) completed the acquisition of 75% stake in Fera Science Ltd. from Capita plc (LSE:CPI) on November 14, 2023.