Management Buyout Announced for Lexel Systems 'Project Services Division'
Auckland, 24 November 2014
Lexel Systems divests Project Services division via a management team buyout
Lexel Systems (one of New Zealand’s leading privately owned IT solutions companies) has announced a management buyout of its Project Services (LPS) division, led by current General Manager Paul Alexander.
LPS has enjoyed a highly successful period of growth since its inception six years ago as a division of the 27-year old IT services business Lexel Systems.
The buyout will allow LPS management to continue with the growth of their business, which has seen them become a leader in NZ's project management market, delivering hundreds of projects to over one million users.
Commenting on the signing of the agreement of the transaction, Mr Alexander said: "This is a goal that we have been working toward for some considerable time. During the 6 years of backing and support from Lexel, we enjoyed exponential growth and are now in a strong position to take the business forward. We are poised to realise our further ambitions for LPS, to ensure the company goes from strength to strength, complemented by our strong team and our mission to deliver the best project management services in NZ."
Lexel Systems CEO Noel Simpson remarked: "As the founding investors of Lexel Project Services division, we are proud to have partnered with Paul Alexander and his talented team to build the highest quality brand in the NZ project management market. The entire Lexel Systems team extends their thanks and best wishes for continued success."
The core Lexel Systems business will continue operations normally post this divestment, and is looking to invest further in new and existing sectors as it continues on its growth path.” Post sale Lexel Systems headcount is 120 FTE's and $40 million in revenue.