Avondale oversees successful M&A deal for leading ATM specialist
Avondale Corporate is delighted to announce the sale of its client, Acketts Group, to Cennox, a global leader in banking and retail support services, for an undisclosed sum.
Based in Essex, Acketts Group is a specialist ATM installation and security business. Acketts’ previous CEO, Hilary Fearn, approached Avondale following an expression of interest from Cennox, a global banking and retail support services provider.
Ms Fearn’s previous efforts to sell the business through a different advisor had fallen through. Recognising the requirement for a professional M&A expert, she approached Avondale to resurrect the sale.
Skilfully led by Avondale consultant Sunita Meigh, the strong synergies between the two companies were quickly identified creating an opportunity for Ms Fearn’s business to add significant value to Cennox’s brand.
Having agreed on a valuation, certain technical issues that emerged during the due diligence process threatened to derail the deal once more. Drawing on its deep expertise in leading business sales, Avondale was able to drive the project through to a smooth conclusion, while keeping the agreed sale fee in place.
Ms Fearn commented:
“Selling my business was one of the most important decisions of my life. I knew that I only had one chance to get it right. I could not afford to learn from my mistakes. It was essential that the professional company I chose had the highest level of knowledge and experience in this specialist area. Most importantly, they needed to be able to dedicate the necessary time in order to achieve a successful sale.”
“Avondale met all these criteria and more. It can be an extremely stressful and time-consuming process with many pitfalls. Avondale was by my side all the way. I would not hesitate in recommending them to anyone thinking of selling their own business.”
With Acketts’ staff and facilities merging with those of the acquirer under the terms of the deal, the acquisition will add significant strength to Cennox’s operations in the UK and Ireland, which is a key strategic region for growth.
Avondale is a multi-disciplinary corporate advisory practice, providing bespoke advice and strategic expertise in Business Sales, Mergers and Acquisitions, Strategy and Corporate Planning.
If you would like to hear more on our expertise from our award-winning team, register for one of our upcoming Masterclasses here.