Directorate Change

RNS Number : 2757X

Spice PLC

02 December 2010

 



Not for release, publication or distribution, in whole or in part, directly or indirectly, in or into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

2 December 2010

Spice plc ("Spice") announces appointment of David Owens as Chief Executive

Spice today announces the appointment of David Owens as the Chief Executive of Spice with immediate effect. David has significant expertise across the competitive and regulated utility and energy sectors, most recently serving as Chief Executive of Thames Water, a position he held for three years between 2006 and 2009. Previously, David was CEO of 24 Seven Utility Services and Managing Director of Eastern Electricity Networks. David takes over from Martin Towers who has resigned from the Board and the Company.  The Board would like to thank Martin for all of his contribution to the group.

Following completion today of Spice's acquisition by Cilantro Acquisitions Limited (a company owned by funds managed and advised by Cinven Limited)("Cilantro Acquisitions"), Spice will be focused on further expanding its customer offering across the utility outsourcing sectors with an emphasis on organic growth and potential acquisitions as well as expanding its international capabilities.  The transaction values Spice at an enterprise value of approximately £360 million.

Spice also announces today the appointments of Pascal Heberling and Yalin Karadogan as Directors to the Spice board.

Commenting on David's appointment, Pascal Heberling, a director of Cilantro Acquisitions, said:   

"David was the ideal choice to lead Spice on the next stage of its growth and development. His considerable strategic and operational expertise in the markets Spice serves will be invaluable as we look to accelerate the growth of the business and build on its leading market positions."

David Owens, Chief Executive of Spice, said: 

"I am delighted to have joined Spice, a company with a great team and a great future. My immediate priority is to focus on our four divisions - electricity, water, energy, and billing - to speed up decision making while ensuring we continue to provide the very highest level of service to customers. Spice is ideally positioned with significant scope for further expansion, both in terms of our service offering and development of our international capabilities. I am excited to be working with a talented divisional team and look forward to helping Spice achieve its ambition."

Martin Towers commented: 

"I would like to wish David and Spice all the best for the future.  Spice has a great team in place and I have no doubt under Cinven's ownership and support the business will continue to thrive."

Enquiries

Cilantro Acquisitions	Tel: [phone]
Pascal Heberling
Yalin Karadogan
Altium (financial adviser to Cilantro Acquisitions)	Tel: + 44 (20) 7484 4040
Stephen Georgiadis
Sam Fuller
Investec (financial adviser to Cilantro Acquisitions)	Tel: [phone]
Charles Batten
James Rudd
HSBC Bank plc (financial adviser to Cilantro Acquisitions)	Tel: [phone]
James Pincus
Tulchan Communications (PR adviser     to Cinven and Cilantro Acquisitions)	Tel: [phone]
James Bradley
Peter Hewer
Spice	Tel: [phone]
David Owens (Chief Executive)
Oliver Lightowlers (Group Finance Director)
Hawkpoint (financial adviser to Spice)	Tel: [phone]
Chris Robinson
Christopher Kemball
Serge Rissi
KBC Peel Hunt (broker to Spice)	Tel: [phone]
Julian Blunt
Simon Brown
Financial Dynamics (PR adviser to Spice)	Tel: [phone]
Billy Clegg
Caroline Stewart

 

END

 

 

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