Power Tan has built a strong reputation in the beauty and tanning industry and has a track record of impressive growth.
Gary Banks, the former owner, was passionate about the business he and his team had built so felt it natural to sell it to the very team that had driven its growth, leaving his legacy in safe hands.
The Management Buy Out will enable Gary to successfully exit the business and head into retirement, whilst the former management team will now take the lead, poised to implement ambitious plans to drive further development and expand the company's international reach.
Leading the deal was William Senior, Partner at Watersheds. He explained: “A Management Buy Out can be an excellent option for owner managers to achieve their ideal exit strategy as well as rewarding a committed and experienced management team with the ability to shape their own destiny and grow the business they have helped build into something bigger. However, the question of how and when to approach the management team is often the biggest hurdle for shareholders. Critically, before presenting the opportunity to the management team, Watersheds had structured a deal that would be attractive to both sides. Funding for the transaction had also been arranged, presenting a complete solution for the management team.”
Gary Banks added: “Watersheds, who oversaw the sale of the business, were always available to provide invaluable expertise and offer impartial, balanced advice whenever it was needed. A real problem-solver in every sense of the word. Watersheds proved themselves to be intrinsic and key in achieving the conclusion of the sale."