£24m MBO flicks the switch on electronics supplier growth plans
Easby Group. which comprises Easby Electronics and Delta Impact has undergone a management buyout worth £24m with the backing of NVM Private Equity.
The business which has offices and warehouses in Richmond, North Yorkshire, Newbury and Thatcham Berkshire, is a UK franchised distributor and stockist of electronic components and a service provider in the electronics supply chain.
With over 40 years of history working with OEMs to understand complex product roadmaps and assist them with product selection and design to meet market demand. This approach has resulted in the company being at the forefront of development in rapid growth sectors such as EV charging solutions, EV related products, smart energy, IoT, building management solutions and 5G and led to double digit growth over the last three years.
The MBO deal sees four of the Easby Group’s senior executives, Nigel Copely, Gregor Ross, Phil Clarke and Eamon Francis become shareholders and marks the next stage in the group’s growth, creating a number of roles at its head office and at the senior management level.
This is NVM’s tenth deal from its Vintage III LP Fund, and follows a £15m investment into Edit announced in November 2021.
Upon completion of the investment Jonathan Simpson-Dent will Join the group board as chair. An experienced leader of private equity backed B2B services businesses, Simpson-Dent currently chairs Carousel Danx Logistics, sits on the board of Edinburgh Worldwide Investment Trust plc and is a Fellow of the Institute of Chartered Accountants.
Nigel Copely, CEO at Easby Group said: “This is a major milestone in our journey, one that will bring additional strengths to both Easby Electronics and Delta Impact. Our growth has come from our determination to deliver a strong, technology led portfolio of franchises and services along with strong service solutions while focusing on core markets and verticals that we can bring to our established and ever-growing customer base. This deal reflects our successful engagement with both our customers and suppliers and the faultless support, drive and focus of all our Easby Group colleagues.”
Simpson-Dent added: “Easby and Delta Impact have both built strong positions in the rapidly evolving electronic component and supply chain market. NVM will be an excellent investment partner for the next stage of the journey and I am delighted to be joining the Easby Board to support Nigel and the leadership team to continue their impressive growth track record”.
The investment was led for NVM by Mauro Biagioni, investment partner and Oliver Wildig, investment manager.
Mauro Biagioni, Investment Partner at NVM
Biagioni said; “Easby is a fantastic regional business operating in a sizable market estimated to be worth just under £2billion. We are hugely confident that Nigel and the team will be able to grow their market share as a result of today’s investment. The quality of relationships that the team has held with customers spans several decades and now with the right investment behind them we look forward to accelerating this growth.”
Legal advice for the buyers was provided by Ben Butler, Oliver Rickett & James Cook of Womble Bond Dickinson; financial due diligence was provided by Bob Alsop, Edward Elliot & Ben Allday of Crowe; commercial due diligence was provided by Graph Strategy led by James Tetherton & Phil Craig, and tax structuring advice was provided by Stuart Stalker, Liam Armstrong & Lewis Bloomfield of PwC.
A team from Squire Patton Boggs led by corporate partner David Hull, assisted by Indy Bening, Leyla Parvizi and Abigail Harcombe advised Rebound Technology Group Holdings on the sale, while Lawrence Price and Claire Wheeler of Rockworth Management Partners advised Rebound on the financial aspects.
Other advisors involved included: David Blair & Chris Marshall of Blair Westl; Kevin Stout of Lockton; Steve Wycherley of Continuum, and Nigel Birkett of Sooner Advisory.
