Sargents achieves MBO

NatWest Development Capital (NWDC), part of The Royal Bank of Scotland’s private equity group, has committed GBP4 million to the management buyout of Sargents, a European commercial relocation and storage specialist. The Royal Bank of Scotland has also provided senior debt facilities to fund the transaction.

The MBO team was led by James Hannaford, who has been managing director of Sargents since 1998. Chris Gammon and Alistair Mills, based at NWDC’s London office, managed the transaction. “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,” said Gammon.

Sargents was formed in 1989 and employs over 130 people. Clients include leading investment and commercial banks as well as several prominent law firms.

Management was advised by DHD Corporate Finance, with Ernst & Young providing due diligence.