15 Mar 2012
YFM Equity Partners has backed the management buy-in of Selima Limited
YFM Equity Partners has backed the management buy-in of Selima Limited, a supplier of payroll, HR and expenses software and services in a £2m transaction.
Selima Limited, which is headquartered in Sheffield with over 40 staff, was established in 1983.Selima has considerable experience of deploying comprehensive Payroll, HR and expenses solutions and bureau services that save organisations significant sums of money. Selima’s customers include Bristol City Council, Young’s Brewery and Greater Manchester Police.
The new management team have worked together in other businesses and have an excellent track record of growing IT software companies. Wayne Blakemore (Managing Director), Michael Parry (Sales and Marketing Director), Richard Beaton (Chairman) and Jane Mercer (Financial Director) are acquiring a majority stake in the business from previous managing director Mark Kinnell who will retain a minority stake.
“Selima offers cost-effective payroll and expenses solutions to a wide range of public and private sector organisations such as local authorities, hospitals, manufacturers and schools throughout the UK. We have been very impressed with the product quality, the good feedback from customers and the commitment of the staff. We look forward to working with YFM Equity Partners as we grow the business at a time when organisations need more efficient and effective solutions to manage back-office functions” Wayne Blakemore, Selima’s Managing Director
“All organisations are under pressure to deliver more for less. Selima’s products and services have a proven track record of enabling its customers to achieve cashable savings without impacting on front line service delivery”. Michael Parry, Sales and Marketing Director at Selima
YFM Equity Partners through its managed funds, British Smaller Companies VCTs joins the new management team in investing in an all equity deal. The £2m investment will primarily be used for expanding the business including improvements to customer services for new and existing clients and the introduction of new, innovative products.
“Selima has a fantastic reputation and is well established. We know the new management team well, having backed Richard Beaton and Jane Mercer twice before. We believe there is enormous potential for the business to expand into existing and new markets and we look forward to using both our experience and network to help the management team achieve this ambition.” Ian Waterfield, Investment Manager at YFM Equity Partners
“This deal will provide a springboard for growth at Selima as it represents not only a fresh injection of investment, but also a great deal of market knowledge and expertise. Both YFM Equity Partners and the new management team have a proven track record and understanding of the IT sector and I wish the business every success in the future as it looks to explore new markets and opportunities.” James Bullock, Corporate Partner at the Sheffield office of Irwin Mitchell