
“We are grateful to PM+M’s corporate finance team for their advice and guidance and helping us to successfully conclude the sale to Aureus. Having met with multiple interested parties we knew from our first contact with Aureus that they were very likely to be the favoured bidder. We are very proud of what we, and the superb KitchEquip team have achieved in developing a tremendous platform for Aureus to build from. I’m not sure we would have had the patience to deal with what comes along in these processes, but PM+M were there at every stage, managing expectations and guiding us to the end. I would highly recommend PM+M to anyone considering an exit.”Iain Moir, managing director at KitchEquip
About our client
Lancashire-based KitchEquip, established in 1993, is one of the UK’s largest independent distributors of commercial catering equipment. The business specialises in the design, supply and installation of commercial kitchen solutions.
The shareholders of KitchEquip are long-standing clients of PM+M, utilising the breadth of experience of our accounts + advisory, tax and financial planning teams. The majority shareholder of KitchEquip approached PM+M Corporate Finance seeking an understanding of exit routes available to facilitate retirement.
How PM+M helped
Having undertaken an MBO and EOT feasibility test, it was agreed that the ideal exit would be an ‘on market’ sale. PM+M’s corporate finance team undertook a targeted marketing campaign, with a split focus on both trade and finance acquirers. Utilising PM+M corporate finance’s extensive network of connections, a suitable buyer was identified. After a series of buyer meetings, an attractive offer for the business was agreed. The corporate finance team worked closely with the tax, accounts and financial planning teams to optimise both the deal structure and exit opportunity for our clients.
The outcome
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CollaborationWorking collaboratively, the PM+M team achieved a full share sale for the business in a tax efficient manner
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Successful exitThe PM+M corporate finance team maximised ‘surplus cash’ extraction at completion to ensure our client received the successful exit he had worked had to achieve
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A well-planned exit strategyWe provided our clients with a clean exit, giving the exiting owner the freedom to enjoy his retirement
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