Thomson Snell & Passmore has recently advised on the management buy-out transaction of a long standing client of the firm, which specialises in supplying, installing and maintaining lifts, predominantly in the South East.
After over 20 years of the company directors/shareholders working together successfully, two of the company’s directors decided it was time to exit the business. Thomson Snell & Passmore was able to assist with the logistics of the exit, to ensure that it was completed efficiently and collaboratively, with the outgoing directors leaving the business on good terms. The company will continue to be run by the remaining two directors/shareholders, who look forward to taking the company forward and implementing its growth plans.
The nature of the work undertaken by the company meant that there were some logistical challenges in the transaction. For this reason, the transaction necessitated additional support in relation to the banking and finance elements of the deal, and the team ensured that the transaction documents were carefully drafted in order to provide security for the exiting director/ shareholders. The transaction also triggered a mandatory notification from the Investment Security Unit, as the deal fell within the scope of the National Security and Investment regime.
The advisory team at Thomson Snell & Passmore was led by Partner, Faye Cook, supported by Jack Pavey and Rachel Macmillan in the Corporate team. Katya Batchelor advised on the Banking & Finance aspects of the transaction, whilst Caroline Cohen and Ben Stepney assisted, in relation to the Real Estate and Employment aspects of the deal respectively.
Our clients, the remaining directors of the company, commented: “It was a pleasure and a peace of mind to have the support of the Thomson Snell & Passmore team, of which we had worked with closely with for several years both personally and as a company, in the past. Our gratitude and thanks go out to all those involved at Thomson Snell & Passmore for their professionalism, help and assistance throughout the MBO, in further providing their guidance and advice throughout the deal, we shall continue to engage their services in future matters, as required.”