Having met Avondale at their annual IoD conference, New Square Holdings instructed Avondale who they worked with for a year to assist them in the acquisition of John Pophams to achieve maximum exit value.
Once ready for sale, Avondale drew significant interest from a number of parties before securing three offers; leading to a highly competitive environment before finalising the deal with Carter Jonas. Avondale negotiated the transaction through to completion, ensuring optimum deal value and structure to the satisfaction of seller and buyer.
The Januarys acquisition will be effective from 30th January 2015 and will increase Carter Jonas' team of property specialists, based in Cambridge, to 80. Also, following the purchase of Bradshaws, the combined residential sales and lettings businesses will initially trade as Carter Jonas Bradshaws.
Kevin Uphill, Chairman at Avondale commented on the deal: "We are thrilled to have been able to negotiate an optimum deal that suits both parties. Carter Jonas originally started in Cambridge so the transaction is a true homecoming for them as well as adding significant value for the firm."
Simon Dazeley, Chairman of New Square Holdings, said: "Avondale was completely committed to obtaining the best solution for us and were
available at all times of the day and night. Their support,advice and experience made what is a very difficult and stressful experience considerably easier. We have no doubt that the result we obtained was much etter than otherwise would have been the case."
The sale follows a successful year for Avondale who, in December 2014, facilitated a £3.1M management buy-in of Modern Rugs, backed by Enterprise Ventures and PHD Private Equity Partners. The company was also awarded with five M&A industry awards for their continued excellence within the sector.
http://www.avondale-group.co.uk
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