Orbis Advises On Management Buyout Of Nationwide Hire
Orbis has advised on the management buyout of Nationwide Hire (“Nationwide”), a leading hire services aggregator. The transaction was originated and led by Tom McCarthy, with £15 million of funding provided by leading mid-market private equity investor Livingbridge and a multi-million pound acquisition finance and working capital facility provided by Clydesdale & Yorkshire Bank.
Orbis were retained to evaluate different exit options on behalf of the company. Following on from the review, the preferred option for both the shareholders and management was a private equity backed MBO. Orbis led the MBO, identifying Livingbridge as an ideal partner to help deliver management’s vision for the business.
Nationwide provides major plant and machinery, equipment, tools and specialist services to companies operating across a wide range of sectors including construction, facilities management, retail, events, waste management, and crisis support. Founded in 1995, Nationwide manages a network of over 4,000 suppliers based in over 9,000 locations across the UK and Ireland with access to more than five million products. The business is headquartered in Fareham, Hampshire with over 70 staff and turnover exceeding £16 million.
Livingbridge’s £15 million investment will enable Nationwide to accelerate its growth trajectory by helping to develop a best-in-class online customer acquisition engine and funding the development of a new technology platform.
I am delighted that Orbis found a strategic investor for the business that will allow Nationwide to achieve our goals and develop the company. Many thanks for your support, brainpower and financial acumen to get us to a completed deal
Jonathan Holley, CEO
It has been a pleasure working with the team at Nationwide. They have developed an innovative, market-leading proposition. Coupled with Livingbridge’s expertise in the rental and technology spaces, Nationwide is set for an exciting new chapter.
Legal advice to management was provided by Penelope Garden of Field Seymour Parkes.
Senior debt and working capital facilities were provided by the Midlands office of Clydesdale & Yorkshire Bank Corporate & Structured Finance led by Alpesh Patel and Ian Fairclough.