Emergency power firm sold in MBO
A FAMILY business which supplies emergency generators to help other companies keep the lights on, has changed hands in a management buyout deal.
Stuart Brakewell, managing director of Preston-based Central Power Services has bought out his brother Jonathan, who has now exited the company which was co-founded nearly 30 years ago by their father, Keith.
Financial terms of the deal, which was supported by The Royal Bank of Scotland and RBS Invoice Finance, were not disclosed.
CPS is one of the country’s leading independent emergency power specialists. It installs and maintains emergency power systems for businesses and service providers across the UK and Europe. As well as its head office in Claughton-on-Brock, it has regional bases in Cannock and Leeds.
Stuart Brakewell said: “I am delighted to take full control and am looking forward to expanding the business and to build on the firm’s established track record of success. It will be business as usual for our customers, suppliers and staff.
“I am grateful for the support and professionalism RBS has displayed throughout the deal process and the support from all the teams involved.”
John Copping from the RBS corporate transactions team, Liam Molyneux from the bank’s Preston corporate team and Kevin Burrows from RBS Invoice Finance worked on the deal.
Advisers include Neil Robinson from Mazars who provided financial due diligence. Legal adviser to Stuart Brakewell was Gill Gardner from Brabners and to the bank Robert Dobson from Napthens. Jenny McCabe from accountants CLB Coopers also advised Stuart Brakewell.
John Copping, said: “Central Power Services is very well established and having worked for the business since inception, Stuart is well placed to drive its future success.
“He is a very experienced and highly regarded local business man who also works alongside Lancaster University as an Entrepreneur in Residence offering support to students in the Business Management School.”
Partner Mark Winthorpe, assisted by Arshnoor Amershi of Manchester law firm Pannone Corporate, acted for the vendor, Jonathan Brakewell.
