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Investment group to buy Burnham Service Corp.

LONDON -- An investment group led by Investcorp International Ltd. is purchasing Georgia-based Burnham Service Corp. for about $160 million, Investcorp said Monday.

The acquisition group consists of affiliates of Investcorp and members of senior management of Burnham.

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The group closed the tender offer upon receipt of over 98 percent of Burnham's oustanding shares, Investcorp said.

Burnham, based in Columbus, Ga., provides distribution, transportation and information systems services for major corporations throughout the United States and Canada, the company said.

Burnham specializes in the distribution and transformation of high-value electronics equipment, including computers and office equipment.

Burnham's revenues have grown from $13 million in 1978 to more than $100 million in 1987. The company operates 80 branches throughout North America with more than 1,000 employees.

Chase Manhattan Bank is providing up to $66 million in loans to finance the tender offer and has committed to provide $102 million of long-term funding to Burnham through a syndicated loan facility which it will lead and arrange, Investcorp said.

Investcorp, which has offices in New York, London and Bahrain, provides investment and advisory services for clients internationally.

Acting as a principal and intermediary, it engages in direct corporate investment, real estate investment, portfolio management and trading activities.

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