frr’s big name sponsors show their hand

FRR’s big name sponsors show their hand
PUBLISHED: 03 DEC 2013 20:17:31 | UPDATED: 03 DEC 2013 20:18:22
EDITED BY SARAH THOMPSON, ANTHONY MACDONALD AND GRETCHEN FRIEMANN

Former Goldman Sachs banker Mike Everett and a group of private equity executives have revealed their plans for shell-company FRR Corp.

FRR is the former Frigrite air-conditioning shell company, which revived by a $1 million recapitalisation and board renewal earlier this year.

Everett is among the new names involved, along with Ironbridge partners Mike Hill, Julian Knights and Greg Ruddock, Corrs Chambers Westgarth lawyer Philip Kapp and a handful of others.

FRR agreed to buy cloud-based software business Newlease on Tuesday, through the issue of FRR shares worth $13.5 million and options.

The company was to be renamed Rhype Liminted and undergo a capital consolidation.

Newlease is a Melbourne-based company with sales and support offices in Sydney, Auckland, Singapore, Bangkok and Manila. Its revenue comes from selling cloud subscription licensing from software vendors to IT service providers and related consulting services.

Newlease had $51.5 million revenue in the year to June 30, and $1.6 million earnings before interest, tax, depreciation and amortisation.

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