Company News, Deals
MBO at COEL
1–2 minutes
We acted as lead adviser to COEL on their management buyout (MBO).
Company background
The company has its origins as a drylining subcontractor, founded by Neil Cook as Cambridge Partitions in 1986. There was a pivot to office interiors so Cambridge Office Environments Limited (COEL) was born and has over time added other complimentary service lines, such as a heating and plumbing, office furniture, commercial relocation, storage services, and property maintenance.
What was special?
The deal was structured to reflect the divergent aspirations across the stakeholders. The transaction had a property component, necessitating skillful tax structuring of the final deal.
As a well-known entity locally, it was important to structure the transaction to enable a smooth transition post-MBO, with seamless operational continuity.
Deal structure
The transaction saw a new company formed to acquire COEL, allowing the Vendors to step away from the day-to-day operations of the business, and for the equity structure to reflect the new management team.
Legal advice was provided by James Allen and David Hollier of Birketts and Adam Bradley of Taylor Vinters.
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.
