LBM Holdings, the call centre and data business co-founded by Paul Beck in 1996, has been sold by its private equity owner to a US outsourcing company, Stream Global Services.
ISIS Equity Partners originally took a 51% stake in the business for £11.5m in 2004, with Beck thought to have trousered the lion’s share.
At the time, the company had a turnover of £55m and 2,400 staff. By 2010, it had posted a £4.3m loss on turnover of £45.6m.
But the Altrincham-based business has turned things around since then and now employs 2,500, with operating profits of £2.8m on turnover of £48.7m.
Minnesota-based Stream Global provides sales, customer care and technical support services, with more than 37,000 employees at 51 sites in 21 countries.
LBM and Stream are seen as complementary, with LBM specialising in outbound telemarketing and Stream mainly handling inbound calls from its clients’ customers. No job cuts are planned as there are no duplication of roles, said LBM.
The deal gives the £1.4bn turnover Stream Global a presence in mainland UK and Northern Ireland for the first time and it now plans to invest to grow the business.
LBM chief financial officer Nicola Beamish said: “This is a tremendous opportunity to extend the value and service offerings we bring to clients on a much larger scale and to provide new opportunities for our employees.
“We look forward to the opportunity to add value to our existing clients and to grow with a company that has a global presence, strong reputation, and an exceptional client base.”
Since leaving LBM in 2007, Beck – a larger than life figure – has set up a number of ventures including a helicopter business, a mortgage firm and horse-racing stables. He co-owns a horse called Flintoff with long-term friend and former England cricketer Andrew Flintoff.
