Founder and Chairman of Daisy Group, Matthew Riley, has left his role at Damovo as part of an exit deal following the sale for £124m. The current management team at Damovo are are also leaving, including Glen Williams and Stuart Hall.
The UK arm of Damovo was sold to Daisy in 2016
The fate of Daisy has been a hot topic over the last twelve months as rumours afoot including Daisy would float on the stock exchange, be sold to a bigger entity, and the latest being that Riley is looking to buy back the business in its entirety. Exiting Damovo could be the first stage in this process.
David Till, senior partner at Oakley Capital Private Equity, said: “We would like to thank Matthew Riley, Glen Williams, Stuart Hall and the team for their tireless work in transforming the business over the past three years.
“Damovo is now a very well-respected and competitive player in the growing European market.
“It has the highest levels of vendor accreditation and has won a number of awards for its excellent customer service. We are proud of the part we have played in its evolution, with the business ideally positioned for its next phase.”
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