PM+M acts for management buy-out team in PE Systems deal

PM+M is delighted to have acted on behalf of a management buy-out (MBO) team in their acquisition of Wigan-based PE Systems for an undisclosed sum.

PE Systems was established by Mike and June Smith in 1987, and has since grown to become a leading provider of secure power protection solutions for key clients such as UK National Grid, SSE, UK Power Networks and GE. Its range of products includes Stand-By Generators, AC/DC Uninterruptible Power Supplies, hybrid energy solutions, energy storage and battery monitoring. To compliment its portfolio of products, PE Systems also offers comprehensive installation, commissioning, service and maintenance options to ensure our clients have power when they need it.

The new MBO team consists of Nicola Jones (Managing Director), who is also Mike and June Smith’s daughter,  Anouska Gee (Financial Director), Julie Nuttall (Production Director) and Mark Wilson (Sales Director).

PM+M advised on funding, structuring of the deal, post-deal remuneration planning as well as on the key financial and tax related terms in the sales and purchase agreement, the shareholders’ agreement, the articles of association and the loan agreement. Other advisers involved in the deal included Forbes, Brabners, and Clydesdale Bank.

Jim Akrill, Partner within PM+M’s corporate finance team said, “Often, the best exit solution for businesses like PE Systems is an MBO, where there is a solid management team taking over alongside vendors who are willing to be part of the deal through an ongoing stake in the company for a few years. This is a solution that works for all involved and we wish the new owners every success in the future.”

Jenny Burke, Associate Solicitor at Forbes, advised the buyers and commented, “PE Systems has earned a fantastic reputation over the years and we are delighted to have been able to help the new owners to secure a deal which provides continuity and a solid base from which to take the business forward. We wish them every success in the future.”

Nicola Jones added, “The entire MBO team is dedicated to the long-term future of PE Systems so finalising the deal is fantastic for us and the business. Our focus is now on continuing to build on the solid foundations laid for more than 30 years.”

We would like to thank all parties for their role in finalising the deal and wish PE Systems and its new management team the very best for the future.

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