Having reached retirement age, Delos Community’s majority shareholder, Jeanne Steinhardt, was looking to exit the business. She was introduced to Avondale at the firm’s ‘Buying and Selling Private Companies’ conference hosted by the Institute of Directors (IoD). After further discussion of Mrs Steinhardt’s objectives, it was agreed that Avondale would come on board to lead the sale project.

Avondale’s first task was to negotiate the initial preparation for sale of Delos Community with the Local Authority. Once permission was secured, the Avondale-Delos team began strategic marketing of the business, generating interest from a range of trade organisations and not-for-profit organisations. Several firm offers were received, with negotiations progressing to an advanced stage with three bidders. The team reached an agreement with Creative Support Ltd., a nationwide charitable organisation that were active in a similar field to Delos.

Mrs Steinhardt was enthused by Creative Support’s plans to grow the business, as well as its decision to retain the firm’s existing staff. The settlement, the majority of which was paid on completion, also more than met her financial objectives. Both vendor and acquirer are now well positioned to take advantage of the opportunities that lie ahead.