Offshore company strikes out with MBO deal
Independent law firm Brabners has advised executives at Trelleborg Offshore UK on a management buyout of the Skelmersdale-based business from parent company Trelleborg Group, with financing provided by Manchester-based Praetura Commercial Finance.
New owners, Alan Burgess and John Drury, expect that the buyout will renew focus and improve performance for its key customers in the oil and gas and offshore renewables sectors.
In a nod to its pre-Trelleborg roots, the new business will be re-named CRP Subsea Limited.
Brabners’ legal team, led by Rupert Gill and Tom Curnow, and Brabners’ deal advisory team, led by Paula McGrath and Dan Rice, worked together to advise management.
Rupert Gill, corporate partner at Brabners, said: “We are excited to see this deal complete for Alan Burgess, John Drury and Mark Newton.
“CRP Subsea is a superb business, with exciting prospects and an exceptional management team, and we wish the team every success.”
Paula McGrath, head of deal advisory at Brabners, said: “This was a challenging and exciting MBO to work on, and was completed within four months.
“We undertook a review of the business and its plans and matched the team’s needs to the right funding partner, Praetura Commercial Finance, which was supportive of the management team and its plans.
“We have been very impressed with the depth of management’s industry knowledge and vision for growth and we are very excited to see how the business develops under the stewardship of Alan and John.”
Stuart Bates, co-founder and commercial director at Praetura Commercial Finance, said: “We are delighted to have completed this complex MBO transaction to support Alan and John with the working capital to drive success. The team has a true entrepreneurial spirit and we look forward to working with them in the future.”
Brabners operates from offices in Liverpool, Preston and Manchester.