Expert advice for smooth MBO27 August, 2015
Cripps has advised on the management buyout one of the UK’s largest privately owned distributors of aluminium architectural systems.
The Parkside Group, which is based in Surrey and trades under Comar, Axim, Alu-Timber and Duco brands, has been acquired by its management team, following the retirement of founder and previous owner Derek Cook.
The Cripps team which advised on the deal was led by partner Philip Cunningham who said: “Parkside is a new client and we were approached to pitch for the work and I am delighted to say that we won the mandate.
“It was a technically interesting transaction with share buy backs and other issues and we provided advice to the company and new management team throughout. We started the deal in February and it was completed after receipt of HMRC clearances in July.”
Parkside’s new management team is being led by Peter Dziurzynski who said: “ We are delighted that the MBO has been successful. We have worked alongside the company’s previous owner for many years, helping to drive forward its development and continue its growth.
“We do not plan to make any major changes to the company but to focus on its expansion and delivering a high quality of service to our customers.
“We were very pleased with the level of service and expertise Cripps provided and are looking forward to working with them in the future.”