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News Steljes enters into Heads of Terms Agreement with DDI Management Buy-Out Team (13/2/2004) Steljes Group today confirm they have entered into an exclusive agreement for the sale of audio visual systems integration company DDI, to a management buy-out team. It is anticipated that the business will transfer on April 8th, 2004, and it will continue to be operated from Brentford, Middlesex. This announcement follows a strategic review by the board of Steljes Group. The continued growth and development of the AV market brings many opportunities to the group. Specifically, the success and gains enjoyed by Steljes Group have come from leveraging a portfolio of best in class products, and operational excellence in delivering true value added distribution. The sale of DDI combined with the recent sale of its reseller Digital Message will allow the Steljes Group to invest and focus on its core trade-only distribution business. Martin Large, Managing Director, of Steljes comments "We are pleased to announce this deal. Our involvement with DDI has allowed us to understand the dynamics of operating an award winning audiovisual integration company. This has been a valuable experience and both parties see this deal as a very positive move for the future". According to Bill Sheils previously President of WorldCom Japan, "DDi is an exciting Company with a great business plan. I am leading an MBO and a merger project that has proven to be highly attractive to City investors. Their backing places DDi in a strong position to further develop its range of products and services in the visual collaboration arena. I look forward to my future role as Chairman of DDi." Martin continued, "Nigel Steljes and I are firmly of the view that this route will enable Steljes to concentrate on the core business activity of confirming Steljes as a leading distributor of AV products. It is crucial that DDi and Steljes continue to support all existing and new customers and suppliers during the transition period and the MBO team can be assured of our support. " Martin concludes, "These are exciting times for Steljes and DDi." www.steljes.co.uk
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