Derby-based law firm Flint Bishop has revealed its role in the sale of IGL, which provides rail passenger information equipment to the UK rail network, to Journeo in a £8.7m deal.
The deal was first revealed in December 2022 and saw Flint Bishop advise the shareholder of IGL, the parent company of Infotec, to AIM-listed information systems and transport technical services group to Journeo,.
IGL is one of the few British-based companies that designs, manufactures, tests and distributes its own passenger information displays to the rail sector in both the UK and abroad.
With more than 15,000 displays in operation and coverage of 80 per cent of the rail network, 2.19 million passenger journeys rely on Infotech’s products every day.
Leading on the deal for Tim Court, managing director at Ashby-de-la-Zouch Infotec, was Flint Bishop partner and head of corporate and finance Martyn Brierley, with support from senior associate Mark Wilcock.
Brierley said: “We are delighted to have advised Tim on this successful transaction. The process was technically detailed at times so we are pleased to have helped bring the transaction to a positive conclusion for both Tim and Journeo. With Tim’s ongoing role in the business, we wish both Tim, Infotec and Journeo, the very best for their future together.”
Infotec founder Tim Court said: “Selling a business you’ve worked in and nurtured for near 30 years was always going to be emotional journey.
“Martyn, Mark and the team at Flint Bishop conducted the transaction with the utmost professionalism and skill. To me personally, they handled the deal with a deft touch which made the process bearable, their input is one I will always be grateful for. I couldn’t recommend and rate Martyn and his team at Flint Bishop more highly.”
Journeo, an information systems and transport technical services group, expects the acquisition to add approximately £12m of sales and £2m of pre-tax profit in the first full year following completion.
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In order to primarily finance the deal, Journeo has conditionally raised gross proceeds of £7m by way of a share placing.