Releases

IPL
11 April 2008 - IPL successfully completes MBO
The management of a leading South-West IT services provider, the IPL Group, has acquired the business through a management buy-out (MBO) for an undisclosed sum. The MBO team of Shaun Davey (CEO), John Davey (Operations Director), Jim Thomas (Operations Director) and Jon Carter (FD) acquired the business supported by finance from Barclays Bank in Bristol. Co-founders Mike Johnson and Clive Jones, who formed the business in 1979, will remain active in the company and take on the role of Chairman and Non-Executive director respectively. Speaking of the MBO, Shaun Davey said: “We are delighted to have concluded this deal. We intend to drive the business forward and ensure that IPL achieves its full potential in our fast-changing markets. The MBO comes at a time when business prospects are very positive and there is a clear appetite amongst our customer base for IPL’s exceptional capabilities.” An Ernst & Young team from Bristol provided lead advisory support to the management team and also assisted with the appointment of IPL’s new financial director, Jon Carter. The transaction was introduced to Ernst & Young’s M&A team as a result of the close relationship with IPL and team expertise. Ian Podmore, Mergers and Acquisitions director at Ernst & Young, said: “The MBO is a very positive move for IPL, enabling Mike and Clive to actively plan for their succession whilst ensuring that the ownership of the business remains in the hands of a trusted management team. Continuing,Mr Podmore added: “This is one of many deals of this type that Ernst & Young has advised on, and underlines our credentials in the local market.” The importance of this deal to the local market is demonstrated by the involvement of a number local advisors including, Osborne Clarke (legal advisors to the Management team), Burges Salmon (legal advisors to the founder), Roxburgh Milkins (legal advisors to the Company), Bond Pearce (legal advisors to Barclays).
< Back to Releases