CAUDWELL SALE DETAILS

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.