Kalibrate Technologies plc, the UK-based provider of strategy and technology services to the global fuel and convenience retail industry, has agreed a deal for it to be taken over by private equity fund Canterbury Acquisition.

The boards of Kalibrate, and Canterbury Acquisition’s vehicle Hanover Bidco, have reached agreement on the terms of a recommended cash offer to be made by Hanover Bidco for the entire share capital of Kalibrate.

Hanover is offering 85.5p for each shire in Kalibrate, which values the entire issued share capital of Kalibrate at about £29m, and represents a premium of 50% over the closing middle market price of 57p per Kalibrate Share on 1 June 2017.

Hanover has already secured irrevocable undertakings in respect of approximately 40.0% of the issued share capital of Kalibrate.

Commenting on the offer, Bob Stein, chief executive officer of Kalibrate Technologies plc said: “We continue to make good progress within our core markets, deepening our customer relationships and winning additional contracts. With continued investment in our new products of merchandise pricing/promotion and B2B/wholesale pricing we are developing additional growth opportunities with our client base.

“While this strength underpins our belief in our products and long-term growth plans, the time and investment required to convert those growth ambitions continue to extend, compounded by the delays in deregulating markets that we’ve previously announced. I, along with the rest of the Kalibrate Board, intend to recommend the offer.”