SOLD TO:

Private Partnership

INDUSTRY:

Property

Deep Blue was a provider of high-quality serviced rental apartments in locations around the world, serving customers via an easily accessible online platform.

The owner of Deep Blue, Steve Brenman, was considering his retirement options and contacted Avondale to discuss his plans. With the help of the team, he set out on a strategic journey to increase the value of the company in preparation for an eventual sale. Some way into the process Mr Brenman’s retirement plans accelerated, and after further discussions with Avondale, it was decided to begin marketing the business for sale.

Avondale undertook thorough market research, and a series of carefully considered enquiries laid the groundwork for a competitive sales environment. Several firm offers swiftly followed. With a number of options to choose from, the preferred bidder was a private partnership with resources in place to scale up the business organically and through acquisitions.

With Mr Brenman wishing to retain a strategic role in the business, Avondale negotiated for the vendor to retain a stake in Deep Blue. He now serves as chairman of the merged operation, and is looking forward to helping build the venture to over £50m value in the next five years. Meanwhile, Avondale continues to assist the partnership in their acquisition requirements.

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