HTS

Management Buy Out ENGINEERING A SMOOTH TAKE OFF
Heavylift Technical Services Ltd (“HTS Worldwide”) has been acquired by its management team in a deal project managed by corporate finance specialists, Watersheds.

Based at Stansted airport, HTS Worldwide is an established aircraft engineering service provider, with a global reputation for technical expertise and customer service. HTS specialise in the placement of aircraft engineers and technicians to complete turnkey packages of work for major airfreight and passenger operators worldwide.

Watersheds structured the deal and secured funding from RBS to allow Mike Boyce and Tommy Cregg to buy the business. Mike, one of the original shareholders, has worked for the company from its inception, currently as managing director, and Tommy joined in 2002 as the company’s finance director.

Founded in 1999, the operation of the business is the provision of aircraft engineering services, such as line maintenance, defect rectification, engine changes and routine maintenance servicing on numerous aircraft types.

Watersheds’ Director, Richard Buzzoni, commented, “It is very rewarding to complete this transaction for our client. We had to overcome several obstacles and deal with a worsening situation in the credit market, but Mike and Tommy’s experience, business model and strategic vision proved to be sufficiently sound even in this difficult economic climate.”

Mike Boyce, managing director, said, “This has been a protracted process over the past two years and there is no doubt that Watersheds together with RBS, Birkett Long, Prettys and Bird Luckin have pushed us over the line. We have a unique position within the sector of the market and look forward to building a strong and vibrant company.”

Tommy Cregg, finance director said, “HTS are delighted to have chosen Watersheds as our corporate finance partners. They approached the deal with high levels of enthusiasm, professionalism and commitment. Mike and I believed so much in our company, we wanted the best advisers in the mid-market to help us achieve our goals. Watersheds completed the deal in this turbulent credit market, and that is a testament to their creativity and tenacity.”

Watersheds secured the funding for the deal with RBS in Chelmsford through a combination of a cash flow loan and invoice discounting facility. David Wisbey of Birkett Long and Tom Sleight of Prettys handled the legal work for the management team and the bank, respectively. Bird Luckin provided the legal advice and financial due diligence.

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For more information call us on Northampton 01604 660511 or Swindon 01793 719788

For more information call us onNorthampton 01604 660511 or Swindon 01793 719788