Manchester utilities contractor Caecillian Limited has negotiated a management buyout (MBO).
Current directors James Lawton and Chris Wood have agreed a 100 per cent MBO of Caecillian from existing shareholders Peter Hemlin and Michael Cassinelli.
The transaction, backed by financial institution SME Capital, will allow the founding shareholders to exit the company.
“The MBO team at Caecillian will then be able to move to the next phase of its impressive growth story,” wrote SME.
Caecillian operates in the utilities sector across the North West and Yorkshire and works under framework agreements as a main contractor to Northern Gas Networks and Cadent Gas, as well as a subcontractor to clients such as Network Plus, Morrison Water Services, and Avove.
The buyout was brought to SME Capital by Manchester corporate finance boutique, Cole Associates.
David Bowcock at law firm Fieldfisher acted on behalf of the MBO team, with Clarion lawyers providing support on legal documentation to SME Capital.
“Caecillian has established an excellent reputation in this critical sector, supporting utility companies in the gas and water sectors,” said Stuart Watson, regional director, business development at SME Capital. “The MBO is the next stage in the continued development of the business.
“We have been pleased to support James and Chris in this transaction. This is another excellent introduction from Manchester CF boutique Cole Associates. Thanks to all involved including all at our lawyers, Clarion.”
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