£3.7m MBO is EV’s first Southern venture
BIRMINGHAM-based venture and capital growth fund manager EV, has completed its first investment in the South East.
EV completed the investment through its EV Growth fund in the £3.7m MBO of London-based development consultants IMC Worldwidefrom WSP Group.
EV said it has seen an increased level of interest from SMEs and intermediaries in the South East following the opening of its Birmingham office last year.
IMC provides management consulting services to governments, international development organisations and private sector clients in the UK and overseas. Typically working in 20 countries around the world at any time, the business is focused on infrastructure projects as well as disaster recovery and climate change.
Work is funded by a range of donor organisations, including DFID (UK Department for International Development), thre European Union and the World Bank. High profile assignments include the award winning Rural Access Programme in Nepal; the Feal Khair Cyclone cum School Shelter in Bangladesh; the Technology, Infrastructure and Urban Planning Resource Centre Framework and the Cross Road project in Uganda.
The MBO team is led by the managing director Gavin English, who said: “We are delighted to be able to return IMC Worldwide to independent ownership with the support of EV. My team and I are passionate about growing our business across the world”.
Simon Ward and Paul Taberner led the deal for EV. Mr Ward said: “IMC has the characteristics we look for in a management buy-out and a strong team with a focus on providing excellent service to their clients. We look forward to working alongside Gavin and his team to drive IMC forward”.
Debt facilities were provided through Steve Fishburn at The Co-operative Bank’s Manchester Corporate Banking Centre. Lead advisors on the deal were Jeremy Cole and David Middleton of Cole Associates Corporate Finance. Legal advice to Newco was provided by DLA. Pinsent Masons provided legal advice to EV. Insurance due diligence was carried out by Steve Exwood of Towergate Corporate Finance Insurance.
