Management Buy-Out for UK Telecoms IT Services Firm
The management of a UK based IT services provider, the IPL Group, has acquired the business through a management buy-out (MBO) for an undisclosed sum. The MBO team lead by CEO, Shaun Davey acquired the business supported by finance from Barclays Bank in Bristol. Co-founders Mike Johnson and Clive Jones, who formed the business in 1979, will remain active in the company and take on the role of Chairman and Non-Executive director respectively.
The company includes mobile operators, O2, Vodafone and Orange amongst its clients. The work for O2 included developing a KPI reporting platform for the operator's performance data on its 3G bearer services.
Speaking of the MBO, Shaun Davey said: "We are delighted to have concluded this deal. We intend to drive the business forward and ensure that IPL achieves its full potential in our fast-changing markets. The MBO comes at a time when business prospects are very positive and there is a clear appetite amongst our customer base for IPL's exceptional capabilities."
An Ernst & Young team from Bristol provided lead advisory support to the management team and also assisted with the appointment of IPL's new financial director, Jon Carter. The transaction was introduced to Ernst & Young's M&A team as a result of the close relationship with IPL and team expertise.
Posted to the site on 14th April 2008
