Successful management buyout for East Anglia electricals firm

Monday September 30, 2024

East Anglia-based Contact Electrical secure funding for management buyout

We provided East Anglia-based electrical installation specialist, Contact Electrical, and lender, with pre lending financial due diligence on a deal to support the successful management buyout (MBO).  The deal will see founder, Mark Eames, exit the business after 36 years at the helm.

Founded in 1988, Contact Electrical offers a complete design and installation service for industrial, commercial and domestic premises, with clients including Mercedes Benz and Lotus.

Led by Director Joanne Price and supported by Partner Chris Adlam and Assistant Manager Lydia Kelsall, our Norwich team was appointed to provide pre lend financial due diligence to the lender and Contact Electrical, with a specific focus on contract accounting given the sector.

The deal will allow the new management team to continue to grow the business’s footprint across the region and beyond, led by directors Ashley Manning, Leon Hudson and David Seaman.

Joanne Price, Financial Advisory Partner at FRP Advisory, said: “A growing number of business owners in all sectors are assessing their options for the years ahead and considering how best to devise and implement a succession plan.

“Contact Electrical has built a strong reputation across East Anglia for the reliable, high-quality service it provides. We have no doubt that the business will continue to flourish under its new management team, and we look forward to watching its progress in the years to come.”

David Seaman, Director and owner at Contact Electrical, said: “Having worked alongside Mark to develop Contact Electrical into the business it is today, I know full well the time, effort and hard work that has gone into securing the business’ success and ultimately, its future.

“We thank Joanne and the team at FRP for their support throughout the management buyout process. They quickly understood how our business works and articulated this clearly to the lender.”