Corporate Finance

FRP team leads on successful MBO for Bateman

Deal delivers partial exit for founder and succession plan for business

Background

Bateman Groundworks is based in Norwich, and has more than 200 employees. It was founded in 1997 by Richard Bateman, and is a leading provider of groundworks and civil engineering services across Norfolk and East Anglia. The business has experienced year-on-year growth in recent years, by delivering a first-class service and becoming a trusted supplier within the construction industry.

Action

The company appointed FRP’s Corporate Finance team to design and advise on an attractive vendor initiated management buyout (VIMBO) structure, which would promote the continued growth of the business while enabling the founding shareholder to make a partial exit. Our team provided extensive tax and strategic planning, including obtaining the necessary tax clearances to deliver beneficial tax treatment for all involved parties, as well as full financial modelling to ensure the deal was appropriately funded. They also advised on the commercial, banking and tax aspects of the MBO legal documentation.

Outcome

Our team designed and delivered an efficient and effective structured MBO which brought the deal to a successful conclusion. It enabled founding shareholder Richard Bateman to secure a partial exit, while also implementing a succession plan for the business.

“Not only did the team identify the potential for and design the shape of our recent VIMBO, but they also dealt with every other aspect of it from start to finish, providing superb service with attention to detail. We all knew we were in safe hands.” Richard Bateman, Bateman Groundworks

Our team designed and delivered an efficient and effective structured MBO which brought the deal to a successful conclusion. Jon Dodge Corporate Finance

Related team

Jon Dodge

Jon Dodge

  • Partner
  • Corporate Finance, Forensic Services
  • Norwich

Ryan Symonds

Ryan Symonds

  • Director
  • Corporate Finance
  • Norwich

Matt Field

Matt Field

  • Director
  • Corporate Finance
  • Norwich