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Private equity fund aquires part of Connaught compliance division

Private equity group Better Capital has acquired a large chunk of Connaught’s risk management business.

In an announcement to the City, the firm said it had committed £15.0 million to finance the acquisition and to fund the restructuring and working capital requirements.

The latest reported revenues of the section for the year 31 August 2010 were £40.9m, with an operating profit of £3.3m and gross assets of £24m.

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