Deals



Mobeus Supports Veritek MBO


Posted: 10th October 2013 09:31

The acquisition of Veritek Global Limited (“Veritek”) by Mobeus Equity Partners has seen them produce a combined debt and equity funding package to support the £11m management buyout of the Eastbourne-based provider of outsourced technical services.  To fund the transaction, Mobeus Equity Partners have financed the transaction alongside asset based lending facilties from Natwest.
 
With revenues in excess of £25m and employs c.300 staff across ten countries, Veritek provides European-wide installation, maintenance and support services for blue-chip owners of a wide range of complex imaging equipment.  The company operates in the photographic, healthcare, ophthalmic, graphics and digital cinema markets.  There are plans to implement expansion in its European footprint and continue to expand its horizons by broadening into new sectors.
 
Veritek is led by Jim Edgar (Group MD) and Jonathan Briant (Group FD) who have been responsible for the development of the business over the last five years.  Mobeus has introduced Peter Shawyer, one of its Operating Partners, to Veritek as investing Chairman.  Peter is a Non-Executive Director of HSBC Bank Plc., Chairman of M&S Bank and Chairman of Ingenious Media Plc.
 
Kerman & Co LLP represented its long standing client and founder of the business Adrian Teulon.  Keith Dempster (Partner) led the team assisted by Susan Perry (Senior Associate) and David Tink (Solicitor).
 
As part of NatWest’s participation in the Government's Funding for Lending Scheme, Veritek Global Limited, a new client of NatWest, was provided with asset-backed lending from the bank to support the company’s ongoing growth. The transaction team was led by Robert Laurens, Relationship Director within the specialist Technology and Media Sector Team, NatWest Commercial Banking.
 
Mr Laurens commented: “The main challenges faced were tight transaction completion timescales, complex ownership structure and agreement on legal documentation that satisfied all of the counter-parties.  Strong internal project management alongside clear communication to clients and professional advisers ensured successful deal completion.”
 
Helen Mead, partner and head of corporate finance led asb law’s role in the transaction which was to act for Mobeus Equity Partners in their support and investment into the MBO.  Helen was supported by Rebecca Burford and Nikki Ashfield.
 
She commented: “We have known the Mobeus team for a long time and assisted them with a few matters but this is the biggest investment we have assisted them with to date.
 
A key challenge was to structure the deal in a tax efficient manner for both Mobeus and the MBO team.  We achieved this through regular discussions with the other advisers and a common cooperative approach was adopted by all, ensuring free flowing communications and speedier turnaround times.
 
We were delighted to play our part in the transaction and enjoyed working with everyone involved. All parties were genuinely excited about the future, and we look forward to working with Mobeus again."




















Veritek Global Limited was provided with asset-backed lending by Natwest
Relationship Director Robert Laurens commented:
Veritek Global Limited, a new client of NatWest, was provided with asset-backed lending from the bank to support the company's ongoing growth, as part of NatWest's participation in the Governments Fund-ing for Lending Scheme. Challenges faced were tight completion timescales, complex ownership structure and agreement on legal documentation that satisfied all of the counter-parties. Strong internal project management alongside clear communication to clients and professional advisers ensured successful deal completion.
Robert Laurens can be contacted on 020 7290 4611 or by email at robert.laurens@natwest.com
asb law advised Mobeus Equity Partners
Partner Helen Mead commented:
 "Helen Mead, partner and head of corporate finance led asb law's role in the transaction which was to act for Mobeus Equity Partners in their support and investment into the MBO.  Helen was supported by Rebecca Burford and Nikki Ashfield.
 
 We have known the Mobeus team for a long time and assisted them with a few matters but this is the biggest investment we have assisted them with to date.
 
A key challenge was to structure the deal in a tax efficient manner for both Mobeus and the MBO team.   We achieved this through regular discussions with the other advisers and a common cooperative approach was adopted by all, ensuring free flowing communications and speedier turn around times.
 
We were delighted to play our part in the transaction and enjoyed workingwith everyone involved. All parties were genuinely excited about the future, and we look forward to working with Mobeus again."
Helen Mead can be contacted on 01293 603640 or by email at Helen.Mead@asb-law.com

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