Private equity firm Pemba Capital to acquire MSL Solutions in $120 million deal

Australian-based private equity firm Pemba Capital Partners is to acquire venue point-of-sale platform MSL Solutions in a deal reported to be worth $120 million.

Pemba Capital will pay A$0.295 for each MSL share, implying a premium of 78.8% to the stock's last close on Monday.

In a statement, MSL advised that it's board has unanimously backed the deal on the condition that it does not receive a higher bid and has recommended shareholders to vote in its favour of the acquisition.

As reported by the Australian Financial Review, MSL's board had been encouraging Pemba Capital "through due diligence and scheme negotiations, keen to lock down its suitor’s generous offer".

MSL Solutions itself as the leading SaaS technology provider to the sport, venue and hospitality sectors, servicing stadiums and arenas, pubs and member clubs, sporting associations and restaurants and cafes.

The company reported $33.9 million revenue and $5.3 million EBITDA in the year to 30th June.

Its biggest shareholder is Sydney fund manager Microequities Asset Management, which last disclosed a 12.3% stake.

Image: MSL Solutions Click n Order app.