Case Study: The Quarr Group
- Management Buy-Out
- Deal completed:
- December 2017
Meridian advised the founders of The Quarr Group on a management buy-out to the directors of its three subsidiaries: Mountjoy, Nviro and Pabulum which specialise in building maintenance and construction, contract cleaning and contract catering respectively.
Operating for over 25 years and with over 3,000 staff across London and the South of England, The Quarr Group has a turnover of £70m and provides first class services for a range of clients, including schools, academies, colleges, universities, local authorities, healthcare bodies, social housing providers and commercial businesses.
The MBO was supported by a finance facility agreed with long-term banking partners, HSBC. Anthony Reed, HSBC's Area Director for Hampshire and Dorset said: "We have been a banking Partner of The Quarr Group for more than 10 years and in that time we've seen the business go from strength to strength. We look forward to continuing our valued, long term relationship with The Quarr Group as they move forward with this exciting new phase of growth."
The MBO team involves all the executive directors from the subsidiary companies and was led by the three Managing Directors; Simon Ingram, Managing Director of Mountjoy, Nelson Williams - Managing Director of Pabulum and Brian Warren - Managing Director of Nviro (pictured left to right below).
Commenting on behalf of the MBO team a spokesperson said: "We are absolutely thrilled to have acquired The Quarr Group. We believe with the right investment in our people we can further develop our already excellent proposition. Mountjoy, Nviro and Pabulum's shared desire is to enhance the customer experience and be recognised as leading partners in our respective industries. Our values will remain as the cornerstone of the business. Working with our great people we aim to deliver sustainable growth over the coming years whilst maintaining the high standards of service delivery our clients have come to expect."
Chris Howells, the Chairman of Nviro and one of the founders of the Quarr Group comments: "After 25 years of leading the Group, I and my fellow founding shareholders are delighted that the current management team have been able to acquire the company. I am confident they are the best people to lead and drive the next phase of the Group's growth and it provides a great future for all staff."
Michael Barcia, Meridian Director who led the deal comments: "The pride and dedication of the team at The Quarr Group is evident throughout the business, bearing out the values of the founders. We at Meridian were therefore extremely pleased to be able to facilitate a succession transaction that provided value to the founders and continuity to the business."
Legal advice was provided by Stephen Porter, Partner at National Law Firm, Shoosmiths LLP. Bank funding was provided by Gemma Wild, Relationship Director at HSBC Bank Plc.