HSBC has made an investment to support the management team of UK-based Amtech Power Software in what is believed to be the first Shariah-compliant management buy-out completed in the UK.
Founded in 1991, Amtech Power Software is a global market leader in the provision of software to electrical contractors, consultants and engineers, from offices in Milton Keynes and Pittsburgh, USA. Amtech's range of market-leading electrical design and test & inspection software is marketed world-wide under the Amtech brand and complemented by after-sales care provided by a premium technical support team based in Milton Keynes.
The HSBC Amanah Private Equity team was led by Mahmoud Atalla, assisted by Chris Gill and Patrick Sixsmith. The deal was structured in a manner consistent with Islamic principles and involved executives from HSBC Amanah's teams in London and Dubai.
Mahmoud Atalla commented, "Amtech is a market leader, with the leading suite of products in the sector and a formidable track record of growth. We are delighted to be supporting this top class management team and especially pleased to be completing this, our first Shariah-compliant management buy-out transaction, with a one-stop solution involving our colleagues in HSBC Bank plc Leveraged Finance. We very much look forward to helping Amtech outperform the aggressive growth strategy the management team have put in place."
The buy-out was led by incumbent Managing Director and shareholder Mark Tindall, together with colleagues James Cooper (Sales Director) and Paul Hale (Operations Director). Simon Hunt and John Jugggins will join Mark and his colleagues as Non-Executive Chairman and Finance Director respectively.
Mark Tindall commented, "I am delighted with this new phase in the development of the company. We have an extremely strong and experienced management team in place and are poised to build on Amtech's success to date and to develop the business still further. We will continue with our principles of delivering world class software products and after-sales service whilst utilising exciting new technologies as they become available."
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Notes to editors:
HSBC Amanah
HSBC Amanah is the Islamic financial services division for the HSBC Group. Its mission is to ensure that HSBC is the leading provider of value-added Islamic financial products and services. With regional representatives in the UK, US, Malaysia, UAE, Qatar, Saudi Arabia, Bangladesh, Indonesia and Brunei, HSBC Amanah is uniquely positioned to understand, structure and deliver financial solutions that are compatible with the requirements of the Shariah.
HSBC Holdings plc
HSBC Holdings plc is headquartered in the UK. The HSBC Group serves over 125 million customers worldwide from more than 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,502 billion at 31 December, 2005, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.
Enquiries:
Mahmoud Atalla
HSBC Amanah Private Equity
+44 20 7991 3614
+44 7989 575762
Dina Kotby
Press & Communications Executive
+971 4 390 6634
© Press Release 2006
