Management Buy Out

Watersheds is pleased to announce the Management Buy Out (MBO) of the specialist automotive learning and development agency, RTS Group, based in Chippenham.

RTS was founded by Richard Wells over 30 years ago and since then has consistently developed programmes designed to engage with motor manufacturers to develop frontline dealership staff. Malcolm Miller joined RTS in order to grow the business, position it for growth and take over from Richard, so that he could develop his other business interests.  Together with his fellow directors John Brannigan, Jessica Starley, Katherine Searle, and supported by Finance Director Alison Noble, the team successfully took ownership of the business that they had helped to run for years.

Structuring a buy out and raising the funds to finance the transaction is not something many managers have done before.  Watersheds were able to negotiate, manage and deliver this for the team to allow them to get on with their ‘day jobs’; running the business and continuing to deliver quality services to clients.  Watersheds also led negotiations between the team and Richard to allow both parties to preserve their strong business relationship. 

The deal was managed by Watersheds’ Sue Green and Jessica Painter.  Jessica said “I’m delighted to see Richard realise his investment and for the team to enjoy the rewards of owning the company that they have helped to build.  The deal involved a complex structure involving multiple subsidiary companies, multiple shareholders and investors and contracted revenue streams, which required careful consideration.  It was important for us to simplify this for the bank in order to secure the funding required.  Through the number of transactions that Watersheds work on, we have a great experience to be able to advise on these.“

Commenting on working with Watersheds, Malcolm Miller added, “Managing a growing global business at the same time as delivering an MBO would have been an impossible task without the guidance of the right professionals. Watersheds were with us every step of the way and were invaluable through this very steep learning curve ”.

The transaction was supported by Lloyds Commercial Finance, with legal advice from Clark Holt and tax advice from Claritas.

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For more information call us on Northampton 01604 660511 or Swindon 01793 719788 or Crawley 01293 804514