Management team buys events agency Fresh
EVENTS agency the Fresh Group has been acquired by management in a deal backed by NVM Private Equity.
The deal represents a partial exit for founders Julie Besbrode and Nick Porter who have built the Cheadle firm into a £13m turnover business.
The buy-out team has been led by managing director Patrick Howells, finance director Antony Wilson and operations director Damian Besbrode.
NVM, led by Andy Leach, is putting £5.7m into the deal but the size of its stake, or the total value of the deal, was not revealed.
Fresh specialising in organising events for the UK retail and financial services industries. It also offers other services such as video content, design, branding and digital marketing; and recently formed an exhibition division.
Mr Howells said: “We’re delighted to be given the opportunity to complete the management buy-out, which is another positive step for the business and very fitting that we should achieve this in our tenth year.
“The whole team is focused on strengthening our position as a leading creative events agency. We look forward to building on the success of FY13, a record year, with another strong performance in FY14 having recently secured new relationships with the likes of Home Retail Group and Dixons Carphone amongst others, which will help fresh deliver new business of well over £3m in the current year.”
Andy Leach, investment director at NVM, said: “Fresh is a highly-regarded business driven by a talented and experienced management team. The business demonstrated strong growth in the last three years, and has been able to differentiate itself from its competitors with its creative edge and frontline execution.
“This has enabled fresh to win new work with large corporates. They have an outstanding client base that includes Marks & Spencer, The Co-operative Group and Santander, and are now well-placed to enter new markets. The buy-out will enable Patrick and the team to build on the strong foundations laid by fresh’s founders, and we look forward to being a part of the team’s exciting growth strategy.”
Tim Scott of North West-based Hurst Corporate Finance, and Liz Gallagher of the firm’s tax team advised fresh’s incumbent management team on the deal. Ed Foulkes, of Clarke Willmott, provided legal advice.
