MANCHESTER, England -- In a deal that is expected to help the company grow faster, convenience-petroleum software provider Kalibrate is now under the ownership of private equity firm Hanover Bidco.
Hanover Bidco will pay $1.13 per share of Kalibrate, totaling more than $38 million.
"We continue to make good progress within our core markets, deepening our customer relationships and winning additional contracts. With continued investment in our new products of Merchandise Pricing/Promotion and B2B/Wholesale Pricing, we are developing additional growth opportunities with our client base," said Kalibrate CEO Bob Stein. "Whilst this strength underpins our belief in our products and long-term growth plans, the time and investment required to convert those growth ambitions continue to extend, compounded by the delays in deregulating markets that we've previously announced. I, along with the rest of the Kalibrate board, intend to recommend the offer [to speed those processes]."
Three Hanover executives have been appointed to the board of Kalibrate as nonexecutive directors, effective immediately. These include Matthew Peacock, Hanover’s founding partner; Tom Russell, partner; and Jog Dhody, operating partner.
Hanover has pushed acceptances from Kalibrate over the 99% threshold. Kalibrate’s shares will be delisted on Aug. 11.
For more than 20 years, Manchester, England-based Kalibrate has advised fuel and convenience retailers worldwide on how to be best-in-class operators in the fast-changing marketplace. Kalibrate provides strategic expertise and technology solutions in fuel pricing, location planning, merchandise promotions and global market intelligence. These solutions have been deployed in more than 70 countries with hundreds of clients of all sizes, including oil companies, convenience stores and supermarkets.
London-based Hanover Investors Management LLP was founded in 2002 and actively intervenes in small and mid-size public companies in the United Kingdom. The company also invests in a broad range of contexts, including public and private companies, and across a range of instruments, including equity and debt. The company regularly acts as a catalyst for change on behalf of shareholders.