Leading the MBO was Production Director, Garry Hardy, accompanied by Finance Director, Mike Seamarks. Garry becomes Managing Director following the MBO, which sees former Managing Director, Keith Burgess, retire.
Newnorth was established in 1971 and delivers a wide range of print services to customers in a diverse range of market sectors based in the UK. The Company employs 60 people and was the subject of an MBO by the management team in 1998.
The transaction was project managed by Watersheds’ Director Richard Buzzoni who commented, “I am delighted to have worked with Garry and Mike on the buy out of Introview. They meticulously organised the management transition to have no impact on the business, which facilitated our focus on management of the project to deliver a relatively complex structure and its documentation against a deadline.”
Garry Hardy said, “The three of us had already made the career change of a lifetime when we initially became owners in 1998, with Watersheds’ help. It was natural for Mike and me to enlist Watersheds for the second time, when Keith decided to retire. This is an exciting time in print, as we move firmly into digital technology, which enables Newnorth to respond to customer requirements faster.”
Legals were handled by Gary Smith of SNR Denton of Milton Keynes, with tax advice by Luke Savvas and Rhona Neil of Buzzacott in London.