Capita has completed the sale of its stake in Fera Science to a fund managed by Bridgepoint Development Capital.

The sale of its 75% interest in Fera, a joint venture with the Department for Environment, Food & Rural Affairs (Defra), resulted in Capita receiving cash proceeds of £62m upon completion. These cash proceeds include cash and debt-like items and working capital adjustments.

Capita employs 43,000 people and provides business process services with an aim to simplify the connections between the Government and citizens, businesses, and customers.

The group’s latest transaction has completed following consent from the superior landlord for changes being made to the title of the property from which Fera operates. National Security and Investment Act clearance for the transaction was granted on 9 November.

As part of the transaction, Defra is retaining its shareholding. The proceeds, net of transaction costs, will provide additional liquidity to further strengthen Capita’s balance sheet and support investment across the group.

The sale of Fera marks the successful end of non-core disposals from Capita’s Portfolio division, which has been part of a strategy to simplify the business around two core markets.

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