42 Technology has today confirmed that the consultancy’s management team, led by MD Jeremy Carey, has completed a successful management buy-out (MBO) and has also established a scheme giving every full-time employee the opportunity to acquire shares in the company.
42 Technology completes MBO as business powers ahead
The consultancy’s four executive directors and staff have bought the bulk of the business from its previous owners Howard Biddle and Dave Wilson; both of whom are retaining a small shareholding and will continue in their non-executive roles at 42 Technology to provide advice and guidance where required. No other financial terms are being disclosed.
The change in ownership occurred during a record year for 42 Technology with a surge in new client wins, particularly from Europe and North America and a marked increase in annual sales compared with previous years. During 2014 the consultancy started new projects for a number of major multi-national clients; continued to win larger and repeat work from existing clients; and has further strengthened its in-house team in key areas such as wireless communications, product design and thermofluidics. The company is also actively recruiting to fill additional positions over the next few months.
“42 Technology has an established reputation for delivering innovation, value and service and an approach that appeals to global brands and large corporates, as well as start-ups and SMEs. Everyone who works here has an important role to play which is why we wanted the whole company involved in the MBO and to share in the upside as the business powers ahead,” said Jeremy Carey, managing director at 42 Technology (pictured).
Howard Biddle added: “Dave Wilson and I are delighted to have transferred the ownership of 42 Technology to an exceptionally strong team that has the vision and drive to take the business up to the next level. Annual sales have been growing over the last few years, 42 Technology’s client list has never been stronger and the company is well placed for a new phase of business growth and development.”
Lake Falconer, partner at PEM Corporate Finance and his team facilitated the deal and advised both parties on all aspects of the MBO. Legal advice was provided by Adam Bradley of Taylor Vinters.
42 Technology is a product design and technology innovation consultancy that partners with its clients to create brilliantly successful products. It's based in St Ives, near Cambridge.