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Target Corporate Finance has played a key role in the management buy-out of Wiltshire electrical engineering company, Wheeler's.
As part of the deal, the three strong management team, Jeff Bailey, Gary Caldicott and Tom Meehan, have acquired a controlling stake in Wheeler's and will run the business alongside company founder and Chairman, Ron Norris.
Target's Corporate Finance team supported Ron and the incoming management team on the deal, alongside Target Chartered Accountants, who provided tax planning advice.
Commenting on the deal, Ron Norris, said: "This is an exciting time in Wheeler's development. There is a great management team in place which bodes well for the future and continuing success of the company."
Since Wheeler's was established in 1979, Ron has seen the firm grow into a £5.5 million turnover business, employing 72 staff.
Wheeler's is recognised as one of the region's leading electrical, mechanical and fire security contractors, with clients including Wiltshire County Council, The National Trust and the Ministry of Defence.
Tom Curling, who led the deal for Target Corporate Finance, said: "We are very pleased to have been able to help Ron and his management team through the next step in the evolution of Wheeler's.
"The deal was completed without any third party financing which allowed Ron to progress the succession independent of the banking market. This is a structure that many small business owners should be seriously considering whilst the debt market remains difficult," he added.
For more information on management buy-ins/buy-outs, please contact a member of the Corporate Finance team.
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The deal was completed without any third party financing...this is a structure that many small business owners should be seriously considering whilst the debt market remains difficult
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