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Cognetas sells Global Solutions for £355m19/12/2007. Source: AltAssets. 
 Pan-European mid-market private equity firm Cognetas has sold outsourced support services provider Global Solutions to security solutions group G4S for £355m. The deal represents a multiple of 2.25 times the original investment, according to Cognetas.
GSL operates in the UK, South Africa and Australia and offers custodial services, including prison management, escorting, immigration, custody and training; public services, for example healthcare, education and local authority services; and business services, comprising utilities, office accommodation and other managed services. Its services are typically provided under long-term contracts either directly to the end customer or through joint ventures and public private partnerships with government and corporates.
Cognetas backed the original MBO of GSL in 2004 in a £207m transaction. At the time, Cognetas underwrote equity and debt to facilitate certainty for the vendor with an initial commitment of £105m on behalf of Cognetas Fund I. This was reduced within two months to £54m by introducing senior debt. The balance of the funding was provided by Englefield Capital.
Cognetas managing partner Nigel McConnell said, 'We are delighted to be associated with the success of GSL over the past three years and we are pleased to see that the dynamic management team has built the business into a worldwide quality provider of outsourced services. We leave the business on extremely sound and robust grounds which will help sustain its continued growth. I am confident that being part of a larger global business like G4S will take this business forward to a new level and I wish them well.'
Cognetas has offices in Frankfurt, London, Milan and Paris. The firm advises funds of €2.26bn.
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