COMPLETED: SEPTEMBER 2022
Fiander Tovell provided tax support on the Buy-In/Management Buy-Out of Project Christie, a Solent based manufacturer, as it embarks on the next stage of its growth and ownership journey.
Project Christie has 30+ years of expertise in manufacturing thin sheet metal products for use in a number of sectors including security, automotive and retail. The company has, during this time, established an enviable base of customers and this transaction sets a pathway for the existing shareholders to transition out of the business over the next few years, whilst enabling the management team to pursue growth through a focused sales and new product strategy.
The transaction sees the existing management team partner with an incoming Non-Exec. Director, who will be responsible for driving the renewed sales strategy. Meridian Corporate Finance will also join the Board to provide ongoing strategic advice.
The deal was led by Prabin Sunar at Meridian; David Bright and Isabelle Balch at Moore Barlow; and Cathy Revis at Fiander Tovell. Funding was provided by HSBC, supported by Trethowans and Poolemead Accountants who provided LDD and FDD respectively.
Project Christie’s exiting Shareholder commented, “Due to retirement after 42 years of running my sheet metal fabrication company it was so important to make the right decision concerning the future of the business. Meridian came very highly recommended and they certainly proved their commendation. Meridian’s expertise and professionalism was never doubted and steered us through a MBO enabling me to comfortably exit the company whilst the existing management team were given the opportunity to further grow the business.
Great heartfelt praise and thanks to Meridian’s Prabin for his excellence, his support and experience along with Mike and Philip, from the start to a very satisfactory completion.”
Management thanked Cathy Revis for her help and expertise in getting the deal over the line.
Incoming Non-Exec. Director commented, “We have formulated a new sales strategy that will allow Project Christie to navigate the next leg of its growth journey. The Company has made significant investments in technology and infrastructure, ensuring adequate capability and capacity are available to service existing demand from both its loyal existing customer base, and onboard new customers. I am looking forward to being a part of this exciting future growth strategy.”
Prabin Sunar, Manager at Meridian commented, “We are extremely pleased to have worked together with the vendors, management and local professionals to structure and deliver a transaction to meet vendor objectives, and arm management with the necessary toolset they require to embark on an exciting growth journey. We wish management the very best and are extremely excited to be working with them through this journey.”