Thomson Snell & Passmore advise on management buyout for office furniture company

We acted for an office furniture company in a management buy-out including cross jurisdictional negotiation.

Our client company was the UK distribution arm of its German parent company – a manufacturer of ergonomic office chairs. The board of the German parent company decided to sell its shares in our client company as part of its succession planning. The buyers were individuals who at the time, were also minority shareholders and members of the board of our client.

The transaction required negotiation of the share purchase agreement (including rights of first refusal for the German parent company should the individual shareholders decide to sell), supply and distribution agreements and agreements terminating finance arrangements and a Shareholders’ Agreement between the parties.

The transaction smoothly progressed to completion with the parent company knowing that their interest transferred to buyers familiar with running the business of the company., its contracts and employees.

If you would like further information in relation to Management Buy-Outs please contact partner & Head of Corporate Joanne Gallagher.