Rolfe & Nolan sees profits rise following MBO
The positive returns come in the first full year of private ownership following a management buyout (MBO) in March 2003 and OnExchange’s failed bid to purchase the company. Private equity firm, HgCapital, which took a 76% stake in the company, backed the buyout. Management took up the remaining share.
In addition to announcing record profits, management officials said investment in new products is continuing. The vendor has invested more than £2 million in its back- and front-office initiatives, Merlin and Edge, according to a prepared statement from Bob Freeman, Rolfe's chief executive. Merlin is the new version of the vendor’s back-office system, while Edge is a new trading front-end that will accompany the company’s existing order-routing service, Ran Order Plus. Edge is currently in beta testing with three clients and will be officially launched on June 15, officials said.
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