Open GI and PowerPlace confirm MBO

Three businesspeople meet and shake hands

Open GI and PowerPlace have confirmed the completion of a management buyout (MBO), backed by Montagu private equity, valued at £300m plus, following approval from the Financial Conduct Authority.

Chris Guillaume, group CEO, Open International, commented: "Our business has demonstrated significant, positive growth during the last seven years, but to take us to the next phase new investment was required. We considered a number of options, including flotation, and were in the fortunate position

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