MBO of IDE Systems

BUSINESS OVERVIEW

Cannock-based IDE systems supply temporary power equipment for events, construction work and facilities management companies. The business was founded by Ian and Sue Thomas in 1994, after 25 years of success, the owners were looking to sell the business but wanted to ensure the business would be left in good hands.

Through a management buyout, the business was bought by Wayne Woodhead, Kevin Warne and Matt Collins. Wayne is now Group Managing Director, with Kevin as Group Sales Director and Matt as Operations Director. The management team have ambitious plans for the future, building on the foundations laid by the founders of the business.

OUR ROLE

Orbis Partners was engaged by Santander to undertake a detailed investigation of the historical and current financial performance of IDE Systems Limited. Working closely with Santander, Orbis helped to form a view on the underlying trading of the business as well as evaluating trends in historical sales for the business and evaluating the business’s working capital requirements.

Specifically, Orbis:

• Worked with Santander to agree on a formal scope for the due diligence
• Worked closely with the business and their accountants to form a view on the underlying trading of the business as well as advising on a normal level of working capital
• Undertook a detailed investigation of the historical and current financial performance and position of the company, with a particular focus on the drivers of performance and key supplier relationships
• Reported specifically on key non-financial areas of the business as well as evaluating the controls and processes in place
• Provided regular updates and presented a written report to the Buyer on the conclusions and findings of our work.