John Caudwell comes out of the City-press profiles remarkably well, following the £1.46bn sales of the Caudwell Group to two private equity investors.
Doughty Hanson and Providence Equity Partners will split the business between them; the American-owned Providence Equity will take over Phones4U and its associated B2B and handset insurance businesses, the UK-based Doughty Hanson will look after 20:20 Logistics and Dextra – the two being renamed the 20:20 Mobile Group.
Julian Huxtable of Doughty Hanson commented that 20:20 “has built an enviable market position through its strong partnerships and unrivalled service offering ... We look forward to working with management to drive continued growth.”
The key man in that will be Mark Ryan, Chief Executive Officer of the 20:20 Mobile Group. He said: “We are confident the business can significantly increase its revenues and capabilities via expansion into the US and further European markets, with a clear mandate from our new owners to pursue the significant growth potential the business affords”.
When Mr Caudwell put the business up for sale he made it clear he favoured a deal with private equity investors rather than a rival so that the company could continue to grow and jobs would be protected.
The 53-year-old John Caudwell says he’ll be taking his share – £1.24bn – and spending a year trying to keep away from business. He wants to sail around the world, he has a charity for disadvantaged children to attend to, and he added that he’s also said that he is considering a couple of projects in the leisure and marine sectors.
His brother Brian Caudwell and finance director Craig Bennett owned the remaining 15% of the group and will also become multi-millionaires.
Julian Huxtable of Doughty Hanson commented that 20:20 “has built an enviable market position through its strong partnerships and unrivalled service offering ... We look forward to working with management to drive continued growth.”
The key man in that will be Mark Ryan, Chief Executive Officer of the 20:20 Mobile Group. He said: “We are confident the business can significantly increase its revenues and capabilities via expansion into the US and further European markets, with a clear mandate from our new owners to pursue the significant growth potential the business affords”.
When Mr Caudwell put the business up for sale he made it clear he favoured a deal with private equity investors rather than a rival so that the company could continue to grow and jobs would be protected.
The 53-year-old John Caudwell says he’ll be taking his share – £1.24bn – and spending a year trying to keep away from business. He wants to sail around the world, he has a charity for disadvantaged children to attend to, and he added that he’s also said that he is considering a couple of projects in the leisure and marine sectors.
His brother Brian Caudwell and finance director Craig Bennett owned the remaining 15% of the group and will also become multi-millionaires.