Helmsman Capital supports the acquisition of API Services and Solutions by QRSciences

Helmsman Capital is pleased to announce that investee company QRSciences Holdings Ltd (“QRS”) completed the acquisition of the API Services and Solutions business from the wider API Security group on 30 September 2010. API Services and Solutions (“API”) is one of Australia’s leading security businesses providing locksmith services, including the design and installation of masterkey services and the servicing and keying of lock systems.

Rick Stokes, QRS CEO said “This transaction is significant for QRS as API will provide synergies with QRS’s existing security business through the distribution of QRS’s products through API’s 19 branches located Australia wide. The API business had revenues of around $22m in FY 2010 with an EBIT of $3m for the period. With API now integrated into the QRS Group, the Board expects sales and revenue growth to continue into the future.”

Douglas Potter, Managing Director and Helmsman Capital’s representative QRS Director added, “There were significant changes in QRS’s focus during the year with the exit of all non-revenue and cash flow negative business units. These actions have created a streamlined company that achieved record profits for FY 2010, that is focused on the Australian security market and which is poised for growth through operations and further acquisitions in the coming year.”

Helmsman supported QRS with commercial due diligence and arranging the funding for the deal with capital and debt facilities. GE Capital provided the debt facilities. For further information, please contact Douglas Potter or Chania Rodwell at Helmsman Capital on (02) 9239 8100 or Rick Stokes at QRS on (03) 9646 9016.