British mobile phone repair specialist Regenersis has slammed the French courts’ decision to reject its bid to buy ailing repair firm Anovo in favour of a bid from French equity investor Butler Capital Partners.
Regenersis MD Ian Powell (pictured) warned this week that the deal would not provide Anovo with the right leadership, leaving it exposed to rival competition. He told Mobile: ‘It’s a great shame that the French court didn’t weight their judgement on the basis of experience, knowledge and skill.
‘With a private equity company as Anovo’s new owner, with no expertise in this complex market, we are confident that we will win competitive tenders against Anovo in the future.’
The firm was put up for sale after it went into administration earlier this year. Butler Capital Partners and Regenersis were shortlisted last month from a list that included BBA Solutions, SBE and Phoenix.
The commercial court in Beauvais said Butler Capital’s commitment to retaining French jobs clinched the deal.
The Paris-based equity house will invest £21.4m in Anovo, of which £17.1m will be invested in the loss-making French business. Its subsidiaries, including Anovo UK, are much stronger, with the group predicting an operating profit of £4.2m to £8.5m in 2012.
Anovo UK has written to its clients informing them of the acquisition. It has major repair contracts with Samsung, Sony Ericsson, O2, Orange, Phones 4u, Tesco Mobile and Carphone Warehouse at its repair centre in Norwich.
Anovo UK sales director Ron Harckham said the acquisition by Butler Capital Partners was positive news for the company.
‘It puts us in a very strong position and we can now move forward. We do not anticipate significant changes to the UK business, which has always been very healthy.’
Harckham said Regenersis’ bid was evidence of Anovo UK’s success. He said the group’s financial problems had not impacted on the UK business.
Anovo was founded in 1987 and provides logistics, repair and regeneration services to operators, manufacturers and retailers of hi-tech equipment. It currently has operations in 12 countries, with 24 facilities in Europe and South America, and posted revenues of £294.9m in 2010.