Portals snapped up in MBO

Portals snapped up in MBO

De La Rue, the bank note printing group, said it has sold Portals Engineering to a management buyout team for pounds 10.3m. The Portals Engineering management are being backed by City institutions. Sale proceeds will be applied to reduce De La Rue borrowings. The sale is part of De La Rue's strategy of selling off the non-security printing businesses it acquired when it bought Portals for pounds 682m in December.