Investee Company – Sargents Ltd (UK)
Investee Company Business – Commercial relocation and storage
Type of Financing – MBO
Equity Providers – NatWest Development Capital
Equity Leader (Individual) – Chris Gammon, Alastair Mills
Debt Providers – NK
Debt Type – NK
Debt Leader (Individual) – NK
Equity Amount – NK
Total Deal Value – £4 million
Other Advisors – Andrea Errington and Harry Dhand at DHD Corporate Finance (financial advisers to newco/management), Jan Crosby and Mark Whelan at KPMG Corporate Finance (financial advisers to the vendor), Rebecca Guerin and Karen Moore at Ernst & Young (financial due diligence), James Naylor and Stephanie Urch) at Corporate Information (commercial due diligence), Hugh Gardner and Peter McLoughlin at Pinsent Curtis Biddle (legal advisers to NWDC/Newco), Jonathan Grant at ASB Law (legal advisers to the vendor) John Hutchinson at Pitmans (legal advisers to RBS), James Holder at Charles Russell (legal advisers to management)
Comments – London-based Sargents Ltd, a commercial relocation and storage specialist, has been acquired by its management team, backed by NatWest Development Capital, in a deal worth £4 million.
The deal was financed by NatWest Development Capital, part of the private equity group of the Royal Bank of Scotland, which also provided senior debt facilities. Sargents intends to use the capital for expansion: it has recently taken occupation of 70,000 sq ft of additional warehousing space and attracted a number of new clients in key sectors.
Founded in 1989, Sargents boasts a number of the City of London’s leading investment and commercial banks and prominent law firms among its customers. The company has a work force of over 130 people, and has a consistent record of profitable growth.
NatWest Development Capital director, Chris Gammon, commented: “We were attracted to the business because of its high quality client base and consistent record of profitable growth. The market for commercial removals and storage remains fragmented and we believe that the company has significant growth potential.”