INDUSTRY
Founded in 1998, Ketech Group is a designer, manager and installer of building management systems. The company was also a recognised control specialist offering a sizeable in-house manufacturing capability.
Having been active players in the building management services sector for nearly 20 years, the directors of Ketech Group were seeking to exit and pursue other interests. They instructed Avondale to sell 100% of their share capital in the company. The fact that the directors did not want an unsecured deferred payment structure added a further layer of complexity to the project.
Avondale swiftly began researching the market place and identified a number of potential acquisition candidates for Ketech Group. With the Avondale-Ketech team entering into final negotiations with a buyer, a deal was made possible by Avondale pioneering a deferred finance insurance policy. This bespoke deal structure ensured that any money promised to the vendors through an earn-out transaction would be paid in full in keeping with the contractual agreement.
The deal was finalised less than 12 months after Avondale’s initial instruction, to the great satisfaction of both parties. The structuring of the agreement was fully in keeping with the directors’ original wishes; this allowed them to exit the business with a sizeable cash-in-hand sum that was paid in full on completion of the deal.
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“We have been impressed by Avondale’s professionalism and knowledge. We would have absolutely no reservations in recommending Avondale for their overall excellent service in the pursuit of selling a company.”
Alan Hooley, Director, Ketech Group