News

Private equity firm RJD Partners has led a management buyout of technology company Comtec.

Comtec - whose clients include TUI, Thomas Cook and Travelsphere - will still be run by the existing management team.

Comtec chief executive Simon Powell said: "This is a very exciting day for Comtec. We have ambitious plans for future growth, both in the UK and overseas, and I am confident that RJD share our vision for the company."

Frank Bulman of RJD Partners said: "We are delighted to have the opportunity to support the managers of Comtec. They have built an excellent and innovative business, with a strong emphasis on customer service and client retention, and we look forward to working with them to realise the company's full potential."

The buyout has been financed by a combination of management reinvestment, funds managed by RJD and banking facilities provided by HSBC.

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