Established in 1987, Hussey and Greenhow Plant Ltd was a leading engineering practice located near Bath, South West England. The company had a loyal customer base and an excellent reputation for providing high-quality services.
The five managing directors of Hussey and Greenhow were all looking to retire around the same time and were looking for a new pair of hands to take the reins. Several of the directors were keen to stay on with the business in an advisory capacity post sale, meaning that a phased consultancy agreement needed to be included in the sale contract.
Having been engaged by the directors, Avondale worked closely with Hussey and Greenhow’s finance department to prepare the business for the sale. After significant research and a number of subsequent buyer enquiries, a deal was agreed with a private buyer. The chosen acquirer was an experienced engineer and managing director who had been looking to for the opportunity to own his own business.
The transaction was completed within ten months of Avondale’s initial instruction. The majority of the sum was paid on completion, with the remaining payments set to be delivered in several tranches. Most importantly, the deal structure meant the company directors could ease themselves into retirement at their own pace, while also ensuring a smooth leadership transition that was in the best interests of the business.