£20m Secondary MBO of UAP

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HMT LLP advised the shareholders and management team of leading UK supplier and distributor of high specification door and window hardware UAP Ltd (“UAP”) on the secondary management buy-out backed by Maven Capital Partners (“Maven”). Established in 1996 by David Jennings and based in Manchester, UAP has an extensive and market leading portfolio of brands across key product areas such as door lock cylinders, handles, hinges, letter box plates and guards. The business has a track record of [...]

Investment in Smyle Creative Limited

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HMT LLP advised Rockpool Investments and Chad Lion-Cachet on their investment in leading event and creative agency Smyle Creative Limited. Founded by Rick Stainton and Matt Margetson in 2003, Smyle is a leading creative agency delivering live and digital experiences to business and consumer audiences around the world, employing 70 full time staff with global brands as clients from sectors including tech, media, IT, finance and pharmaceutical. Smyle has delivered numerous international events for clients such as Samsung, [...]

MBO of Rowan International

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HMT LLP undertook financial due diligence for Connection Capital on their investment in Rowan International to support the management buy-out. Founded 30 years ago, Rowan International is one of Europe’s largest residual stock management distributors, which specialises in buying and re-selling branded goods to the discount market. The company purchases surplus stock of fast-moving consumer goods such as leading-brand toiletries and cosmetics or household items that are left over, for instance when a promotional campaign comes to an [...]

BIMBO of Gradwell Communications backed by Chiltern Capital



HMT LLP undertook financial due diligence for Chiltern Capital (“Chiltern”) on their investment in Gradwell Communications (“Gradwell”) to support the buy-in management buy-out. Founded by Peter Gradwell in 1998, the Bath-based business has been a pioneer of voice over internet protocol (VoIP) telephony in the UK. The business has now diversified and provides a wide range of cloud-based services and connectivity to SMEs. Gradwell is a Microsoft Gold Partner for hosting, participating in the Microsoft Partner Network for hosting solutions. [...]

MBO of Nu-Heat backed by Bestport Capital

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HMT LLP have completed a combined buyside advisory engagement comprising Financial Due Diligence and Debt Advisory for Bestport Capital (Bestport) on the MBO of underfloor heating specialist, Nu–Heat. Established in 1992, Exeter based Nu–Heat has grown to become the market leader in the design and supply of underfloor heating (“UFH”) systems and integrated renewables solutions. Employing over 100 staff, it achieved revenues of £14.7m and EBITDA of £1.8m in the year to 31 March 2017. The MBO was led by CEO, [...]

MBO of ProspectSoft Ltd backed by Maven

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HMT LLP undertook financial due diligence for Maven Capital Partners (“Maven”) on their £6 million investment in cloud-based technology company  ProspectSoft Ltd (“ProspectSoft”) to support the management buy-out. Founded in 2000 and based in Buckinghamshire, ProspectSoft provides niche, award-winning Customer Relationship Management (CRM) and e-commerce software for the Business-to-Business (B2B) market. Its technology can be fully integrated with clients’ existing accounting and Enterprise Resource Planning (ERP) packages including market-leading systems such as Access Dimension, Exchequer, Pegasus and Sage. ProspectSoft have [...]

MBO of Indigo Telecom backed by Maven and YFM

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HMT LLP undertook financial due diligence for Maven Capital Partners (“Maven”) and YFM Equity Partners (“YFM”) on their £12 million investment in Indigo Telecom Group Ltd (“Indigo”) to support the management buy-out. South Wales based Indigo designs, installs and maintains telecom networks across the UK and Europe, enabling customers such as Vodafone, Sky and BT to deliver fixed line, broadband, mobile and other data services to a wide variety of corporate, enterprise and consumer end users. Its key capabilities include Project [...]

MBO of 1st Option Safety Group

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HMT LLP undertook due diligence for Royal Bank of Scotland (“RBS”) and Management on the MBO of 1st Option Safety Group. 1st Option Safety is the leading provider of safety advice, support, training and equipment to the media and entertainment sector. 1st Option Safety offers its services to over 400 production companies, venues and events including being safety advisers on Downton Abbey, The Apprentice, The Rugby World Cup and Britain’s Got Talent as well as the Royal Opera House. HMT [...]

MBO of CIPHR backed by LDC

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HMT LLP undertook financial and tax due diligence for Lloyds Development Capital (“LDC”) on their investment in HR software provider CIPHR. Established in 1992 and based in Marlow, CIPHR provides many UK small and medium sized businesses with HR Software as a Service (Saas), payroll software and eRecruitment solutions to enable their customers to effectively manage their staff. CIPHR is one of the UK’s most trusted HR systems providers and has observed a strong period of growth in recent years [...]

Sovereign led Management Buyout of Dalepak

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HMT undertook financial due diligence of Northampton-based logistics group Dalepak Ltd (“Dalepak”) in respect of the MBO funded by Sovereign Capital Partners (“Sovereign”) and Crescent Capital (“Crescent”). Founded in 1991, Dalepak delivers a portfolio of seamlessly integrated warehousing, distribution, packing, internet fulfilment and freight forwarding services that can be tailored around individual customer requirements. Operating from four warehouse centres across Northampton, Dalepak is currently the second fastest growing business in Northamptonshire. The management buyout was led by private equity firm [...]

Management Buyout Of International Logistics Group

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HMT LLP advised the management team of International Logistics Group Limited (“ILG”) on their management buyout. The transaction was supported by equity funding from Percipient Capital with Santander providing mezzanine funding through its ‘Breakthrough’ fund alongside term debt and working capital facilities. Since its establishment in 1990, ILG has grown to become a market leader in fulfilment and courier services with a growing specialism in the fashion and beauty space. Its customer base includes leading brands such as Charlotte Tilbury, [...]

MBO of Oxford Computer Group Ltd

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HMT LLP advised on the management buy-out of UK’s leading identity management consultant Oxford Computer Group Ltd (“Oxford Computer Group”). Oxford Computer Group deliver comprehensive solutions to a variety of identity, mobile device management, cloud transformation and information protection challenges. Their services includes design and development of innovative IT products, consultancy, implementation and support. Oxford Computer Group work with a wide variety of small, medium and large organisations in both the private and public sector. Oxford Computer Group is a [...]

Management Buyout of Whistl

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HMT LLP advised Dutch group PostNL B.V. on the transfer of UK subsidiary, Whistl UK Ltd and its subsidiaries (“Whistl”), to its management team. Headquartered in Marlow, Whistl (formerly TNT Post) is the second largest postal operator in the UK after Royal Mail, turning over more than £600m per annum.  Its core Down Stream Access business has over 56% market share in the UK, handling around 3.75 bn items of mail, alongside an established Door Drop Media division. In addition [...]

MBO of Oxford Cryosystems Ltd

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HMT LLP undertook due diligence for senior debt provider Royal Bank of Scotland (“RBS”) on the management buy-out of Oxford Cryosystems Ltd. Oxford Cryosystems is a market-leading UK manufacturer of highly specialised scientific instruments and software. The company was founded by John Cosier and Mike Glazer in a laboratory of Oxford University in 1985 where they have developed the first Cryostream Cooler.  The business has since grown into a high-tech, commercial organisation with three distinct product lines selling to hundreds [...]

Management Buy-out of Review Display Systems Ltd

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HMT LLP undertook due diligence on the management buy-out of Review Display Systems Ltd (“Review Display”) backed by Royal Bank of Scotland (“RBS”). Based in Kent, Review Display a company established in 1982 are a designer and supplier of industrial flat panel display technologies together with associated Touch Screens and Single board computer solutions, helping provide knowledgeable advice to world leading manufacturers across multiple disciplines. With over 15 years of experience, the current management team acquired the business from its [...]

Management buy-out of Jellyfish Solutions Ltd

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HMT LLP advised management on their buy-out of Hampshire-based print, marketing and digital company Jellyfish Solutions Ltd (“Jellyfish”).  Jellyfish is a young and dynamic company based in Southampton that offers a wide range of print, marketing and digital solutions. The business has made significant progress in recent years by diversifying into both the marketing and digital space under its new brand 21six. Jellyfish was held 80% by printing group Ashford Colour Press and 20% by Rick and Amanda Ankers, who led [...]

Management Buyout of The EPI Group



HMT LLP advised Management and Newco funded by Palatine Private Equity (“Palatine”) and The Royal Bank of Scotland (“RBS”)  on the management buy-out of Surrey-based seismic consultancy firm, The EPI Group (“EPI”).  EPI is a world-class leader in consultancy services to the energy industry, covering a broad range of technical disciplines including specialist knowledge of seismic quality control.  EPI provides consultants whose specialist capabilities, experience and expertise add significant value to their client’s oil and gas exploration programs. Working in [...]

MBO of Acal Enterprise Solutions Ltd



HMT LLP advised NVM Private Equity (NVM), on the management buy-out of IT inventory management specialist Acal Enterprise Solutions Limited (AES). NVM has invested £6.4 million to support the MBO. Nottingham based AES has evolved from a simple parts reseller to a market leading technical specialist, providing outsourced inventory management solutions to IT maintenance companies and Original Equipment Manufacturers (OEMs) servicing the enterprise server, storage and networking market. AES currently provides specialist inventory management solutions to over 1,700 end customers [...]

MBO of GMG Property Services Group

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HMT undertook financial due diligence for leading mid-market private equity firm LDC and management, on the buy-out of GMG Property Services (Holdings) Limited (“GMG”), the UK’s leading provider of software services to estate agents. LDC supported the £17.8 million MBO. Luton-headquartered GMG was founded in 2007 and is the UK’s largest supplier of software, technology and design solutions to the property industry. The business, which employs over 170 people across its network of UK operations in York, Redruth, [...]

MBO of Virgin Wines

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HMT LLP undertook financial due diligence for leading private equity firm Mobeus Equity Partners (“Mobeus”), Connection Capital and management, on the buy-out of Virgin Wine Online Limited (“Virgin Wines”), the major UK wine retailer. Norwich based Virgin Wines was founded in 2000, and sells boutique high-quality wines produced by small independent winemakers.  The business, which employs approximately 160 staff, had revenues of £35m in the year to June 2013, and is targeting £50m of sales in the next [...]

Disposal of Swift Worldwide Resources

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HMT LLP advised Swift Worldwide Resources (“Swift”), the market-leading specialist recruitment provider for the global oil & gas industry, on its sale to US private equity firm Wellspring Capital Management LLC (“Wellspring”). Swift, headquartered in Houston, Texas, is one of the world's leading suppliers of skilled manpower resources to the global oil and gas industry. Their client base comprises blue-chip, multinational energy firms in the exploration and production sector, where specialist contractors are required to meet the technical [...]

MBO of Veritek Global Limited

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HMT LLP advised Newco and a management team led by Jim Edgar (Group MD) and Jonathan Briant (Group FD), on the management buyout of Veritek Global Limited, an Eastbourne-based provider of outsourced technical services. HMT’s role included sourcing and negotiating funding for the transaction, acting as lead advisors to management and Newco and providing tax advisory services. Mobeus Equity Partners provided a combined debt and equity funding package to support the transaction alongside asset based lending facilities from [...]

MBI of Andante Travels Limited

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HMT LLP advised Panoramic Growth Equity (“Panoramic”) and incoming CEO, Ian Finlay, on the management buy-in of market leading archaeological travel business Andante Travels Limited (“Andante”). Andante, founded in 1985 by archaeologist Dr Annabel Lawson, is a leading British provider of expert guided tours and specialist holidays to destinations of archaeological interest globally. Based in Salisbury, Wiltshire, the business runs over 100 tours in 32 different countries, led by their highly experienced, knowledgeable and multilingual team of archaeologists, [...]

MBO of Procam Television Limited

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HMT LLP advised Newco and existing management on the buy-out of Procam Television Limited ("Procam"), the UK's largest broadcast hire company. Specialist private equity firm Foresight Group backed the transaction with a £1.8 million investment. Headquartered in Battersea, London, with additional facilities in Manchester, Procam provides camera equipment and crew to many of the largest broadcasters, production companies and blue chip organisations in the UK. A technical leader in their field, Procam has the largest stock of HD [...]

MBO of Intuitive Limited

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HMT LLP advised the management team of Intuitive and Newco, led by Paul Nixon, on the acquisition of the company from Lowcosttravel Group Limited. NVM Private Equity supported the buyout with an investment of £7m. Intuitive, which is based in Croydon, was established in 2003 and provides powerful, innovative software to the travel sector. Their web-based iVector platform was launched in 2005 and is a market leading product used by tour operators in 45 countries globally, providing a [...]

MBI of Dinks Limited and Dinks USA Limited by Bags of Potential Limited

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HMT LLP advised an MBI team on the acquisition of Dinks Limited and Dinks USA Limited (“Dinks”). Dinks is an importer and distributor of fashionable bags to department stores and high end retail outlets in the UK and USA. The business was founded in 1990, initially supplying bespoke bags to trade outlets, and has since supplied over 10 million bags to clients including Harrods, the Royal Academy of Arts, Macy’s, the Savoy Group and the Wimbledon Championships. The [...]

Management Buy-In of the Inkjet and Laser Cartridge Division of Redeem Holdings Limited



HMT advised an MBI team on the acquisition of the inkjet and laser cartridge division of Redeem Holdings Limited. The newly created entity, called Rethink Europe Limited (“Rethink”), will be led by Managing Director Ian Austin, who has a wealth of experience in the recycling sector and is the former owner of Environmental Mobile Control Limited (“emc”), the specialist business to business recycler. Rethink will specialise in the collection and recycling of printer cartridges and other electronic devices. [...]

MBO of Tessella Limited

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HMT LLP advised Newco and existing management on the management buyout of Tessella Limited. Mobeus Equity Partners supported the buyout and founder Kevin Gell retains a significant minority stake plus continues to serve as a board member. Founded in 1980, Tessella is an international provider of science powered technology and consulting services. World leading organisations choose their unique blend of science, engineering and sector expertise to deliver innovative and cost-effective solutions to complex real-world commercial and technical challenges. [...]

MBO of Lymington Precision Engineers

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HMT advised Vine Street Capital on their investment in the MBO of Lymington Precision Engineers (“LPE”). LPE is a manufacturer of precision machined components, fabrications, assemblies and kit sets for a variety of markets including oil and gas and nuclear energy.  Established in 1980, it now has an enviable reputation for quality and utilises the latest manufacturing technology. Vine Street Capital have backed an MBO led by Tony Chalk, Managing Director, Martin Palmer, Quality Director, and Richard Cole, [...]

Management Buy-in of Redeem Limited



HMT advised a management buy-in team on the acquisition of Redeem Limited (“Redeem”). Redeem was established in 1999 and has developed into a leader in the recovery and recycling of used mobile phones, print cartridges and other electronic devices. With operations in Europe and Asia, Redeem also currently works with some of the UK and Ireland’s largest brands to offer innovative customer recycling programmes, including network operator O2 and retailers Boots and Sainsbury’s. The new management team bring [...]

RJD Partners backs management buy-in of Dunham Leisure Limited



HMT advised an MBI team and RJD Partners on the management buy-in of Dunham Leisure Limited ("Dunham"), a leading holiday park business based in South East Scotland. The management team is led by Graham Hodgson as Chief Executive and Beverley Dixon as Operations Director. Graham and Beverley previously led the private equity backed MBO of South Lakeland Parks (“SLP”) in June 2006, before the business was successfully sold in December 2007. The MBI has been financed through a [...]

Secondary buyout of Secomak Holdings Limited



HMT advised the shareholders of Secomak Holdings Limited on the secondary MBO of the company, supported by asset finance from Lloyds TSB. As part of the transaction, loan notes from the original MBO of the company in 2005 were repaid and additional working capital to support the company’s growth plans has been secured. The transaction also provided an opportunity for the shareholders to realise their investment in the business under the current CGT regime. Middlesex based Secomak was [...]

Management buy-in of Guralp Systems Limited



HMT advised Primary Capital and Newco on their recent £20 million buy-in of Guralp Systems Limited (“Guralp”). Guralp is the global leader in the design and manufacture of broadband seismometers and complete seismic systems. It supplies the widest range of seismic devices in the market, including land-based, ocean-bottom and borehole instruments which are used, amongst other applications for early warning of impending earthquakes, volcanic eruptions and tsunamis. Guralp is now looking to exploit commercial markets including energy, security [...]

Management buyout of Westway Cooling Limited

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HMT advised Maven Capital Partners and Newco on their recent buyout of Westway Cooling Limited (“Westway”). Matrix Private Equity Partners provided additional equity funding, whilst the Cooperative Bank provided term debt and banking facilities. Westway was established in 2001 by Carl Brooks who, together with Andy Donnell,  led the MBO. Ned Dorbin of Maven led the transaction and joins the board of Westway. Westway provides high quality air conditioning and related services to a blue chip customer base.  [...]

Management buyout of ICA Limited

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HMT advised a management buyout team, led by Simon Whapshott, on the acquisition of ICA Digital Limited, the non-trading holding company of ICA Limited (“ICA”). HMT sourced equity funding from Foresight Group, with debt provided by the Royal Bank of Scotland. The ICA business was established in 1993 and over the last 15 years has developed into a leading document management solutions provider servicing SMEs in the South East of England. ICA’s core business is the resale and [...]

Real Affinity Events becomes Venues Events Management



HMT advised Anita and Chris Lowe on the acquisition of the conference placement and event management business of Real Affinity Group, for an undisclosed sum.  Following the acquisition the business will trade as Venues Event Management. The business was previously sold by Anita and Chris Lowe to Real Affinity plc in 2006 and whilst it continued to trade well following its acquisition, severe trading difficulties at a group level resulted in administration. Managing Director Anita Lowe commented: “The [...]

BIMBO of Manroy Engineering Limited



HMT advised a BIMBO team led by Glyn Bottomley on its acquisition of Manroy Engineering Limited ("Manroy") with debt funding provided by the Royal Bank of Scotland. Manroy is a provider of specialist engineering services to the defence sector.  The Company, which provides its services to both the UK and export markets, has achieved significant growth since its establishment in 1975, particularly in the last 5 years, with turnover now exceeding £10 million and with current defence market [...]

Management buyout of CIO Connect

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HMT were delighted to act for Royal Bank of Scotland and Shackleton Ventures in their funding of the management buyout of CIO Connect. CIO Connect is the foremost provider of comprehensive memberships specifically targeted at Chief Information Officers of leading FTSE companies in the UK. It has established itself over many years providing event information highlighting issues and trends and a forum for Chief Information Officers to meet and exchange views. Management, under the leadership of Nick Kirkland, [...]

‘Deal of the Year’ – Management buyout of Bodycove plc

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HMT advised the Management of Tristar Cars Limited ("Tristar") on the management buyout of Bodycove plc. Bodycove is a non-trading holding company of Tristar Cars Limited, the UK’s market leading executive chauffeuring business. Bodycove is also the Holding Company of Tristar Services (US) Inc, a fast growing US chauffeuring business. In the last 20 years, Tristar has developed into the UK’s longest established and market leading executive chauffeuring business. Tristar has developed a market leading position securing an [...]

MBO of Sunset Dawn Group Limited



HMT advised the management team of Sunset Dawn Group Limited (“Sunset Dawn”) on its management buyout. Sunset Dawn was originally established as a buy and build to take advantage of a fragmented market. It acquired Apollo Medical Systems, (“AMS”) in January 2006. AMS was originally established in 2000 and has grown to be a leading supplier of data extraction, auditing and reporting software solutions to the UK Primary Care market. In early 2007 it further acquired Healthcare Software [...]

Management buyout of Bottlegreen

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HMT acted as reporting accountants for Piper Private Equity and HSBC in their funding of the management buyout of Woodchester Enterprises Limited trading as Bottlegreen. Mr Simon Speers, Managing Director, was appointed to allow the founders to step back from the business with a view to its subsequent disposal. Mr Speers, together with Mr Nick Clay (Finance Director), Mr Paul Martin (Operations Director) and Mr Stephen Davies (Non Executive Chairman), saw the opportunity to build on Bottlegreen’s current [...]

Management buy-in of CGH Group

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HMT advised on the European management buy-in of CGH Group. CGH is a well-established manufacturer and distributor of large above and underground fuel storage tanks, together with related equipment. CGH is the largest manufacturer of its type in Europe and has a dominant market position in Poland and Scandinavia. CGH is based in Bydgoszcz, Poland, Belgium and Denmark. The fuel tanks are manufactured from the main operation in Poland and sales are predominantly generated in Poland with distribution [...]

Management buy-in buy-out of Action Sports Media Limited

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HMT acted as reporting accountants for Electra Quoted Management and Clydesdale Bank plc in their funding of the BIMBO of Action Sports Media Limited and the simultaneous acquisition of Permanent Publishing UK Limited and 4130 Publishing Limited. Darryl Newton and Patrick Franklin, directors of ASM, together with Alastair Ramsay, the previous CEO of Dennis Publishing, which published Maxim, This Week and Auto Express, and James Carter, a current director at Dennis Publishing (“MBO Management”) saw the opportunity within [...]

Acquisition of the Patisserie Valerie group of companies

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HMT acted as reporting accountants for Risk Capital Partners on its acquisition of the Patisserie Valerie group of companies. The original Patisserie Valerie business was established in 1926, and came into the ownership of the current owners, Victor, Enzo and Roberto Scalzo (all brothers), in 1987. The Patisserie Valerie Group has grown considerably in recent years with the opening of new branches, and today it operates eight cafes and a brasserie at sites across London. Andrew Thomson commented: [...]

Management buyout of Rollalong Hire Limited for £10 million

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HMT acted as reporting accountants to Barclays Ventures in the management buyout of Rollalong Hire Ltd (“RHL”) for £10 million. RHL’s business was established in 1968 and now operates from eight regional hire centres across the country.  In 2001, to complement its traditional hire business, which supplies accommodation units to the construction, education and local authority sectors, RHL established its event hire business.  In recent years, the events division has contributed to RHL’s growth, supplying high-profile events such [...]

Management buyout of Fisher Outdoor Leisure plc

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HMT acted as reporting accountants to ISIS Equity partners and HSBC in the management buyout of Fisher Outdoor Leisure plc (“Fisher”). Fisher was established in 1934 and has grown to be a major distributor of bike components and cycling accessories. The company enjoyed substantial growth in demand in the 1980’s due to the BMX craze and in the 1990’s with the trend for mountain bikes and associated accessories. Growth in the last few years has been driven by [...]

Sale of Heathrow Limited for £4.6 million

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HMT advised Mr Brian Johnston and the other shareholders of Heathrow Limited on its sale to HR Owen plc for £4.6 million. HMT acted as lead advisers in the transaction which included detailed negotiations with HR Owen plc. Heathrow Limited was acquired by Mr Johnston in 1994 and Andrew Thomson also advised Mr Johnston in the original acquisition. Since the management buyout, HMT were retained as auditors and tax advisers to Heathrow Limited. HMT partner Andrew Thomson commented: [...]

Management buyout of Secomak Limited

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HMT negotiated the management buyout of Secomak, from its parent company, Halma plc. Middlesex based Secomak was established in 1902 and since then, has become a leading name in the provision of innovative drying and shrinking solutions to the beverages and food markets. HMT acted as financial advisors to the management team, which included negotiating the purchase price, securing debt funding and project managing the various parties through to completion. HMT commented: “We were delighted to assist the [...]

Acquisition of Reflex Limited

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  HMT advised Mr Andy Brymer, managing director, on the acquisition of Reflex Limited, the Reading-based re-seller of audio visual equipment.  Reflex Limited was established in 1983 to exploit the opportunity for providing solutions for displaying computer generated images to end users. The business now employs 32 staff and sells principally to the corporate, MOD and education market.  The opportunity to purchase the business came about when the Board of the parent company, Visual Presentation Holdings Limited, decided [...]

Investor buyout of Warehouse Express Limited

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  HMT advised management and provided transaction support services for Barclays Ventures in the investor buyout of Warehouse Express. Warehouse Express is an online supplier of a full range of digital, optical and photographic equipment, digital and SLR cameras, camera accessories, binoculars and bird watching equipment. Warehouse Express has more than doubled turnover over the passed two years. The company received funding from Barclays Ventures and now plans to relocate to a 30,000 sq ft site in Norwich [...]