Company News
MBO at Prestige Purchasing
1–2 minutes
PEM advised Prestige Purchasing on their Management Buyout (MBO).
What we did
PEM were appointed by Prestige Purchasing to assist with the Management Buyout (MBO). We supported the vendors throughout the negotiation process.
Company background
Since inception in 1997, Prestige Purchasing established themselves as a quality procurement provider, leading them to become the largest independent provider of procurement service to the foodservice sector.
What was special?
PEM worked closely alongside the Business Tax team and Buckles to advise on deal structuring and the legal framework to complete a great deal for all parties in a very quick timeframe.
Deal structure
The transaction saw a new company formed to acquire Prestige Purchasing, allowing the existing majority shareholder to significantly reduce their ownership stake, and for the management team to assume control and majority ownership.
Legal advice for the MBO team was provided by Nichola Stephens and Alastair Gunn from Buckles.
Legal advice to the vendors was provided by Philips Dempsey.
Please note that this content is not intended to give specific technical advice. It is designed to highlight some of the key changes rather than provide an exhaustive explanation of the topics. Professional advice should always be sought before action is either taken or refrained from as a result of information contained herein.
