HMT Corporate Finance, led by partner Andrew Thomson and manager Wesley Fell-Smith, advised a Management Buyout team, led by Simon Whapshott, on the acquisition of ICA Digital Limited, the non-trading holding company of ICA Limited. HMT sourced equity funding from Foresight Group, with debt provided by the Royal Bank of Scotland.
The ICA business was established in 1993 and over the last 15 years has developed into a leading document management solutions provider servicing SMEs and small businesses in the South East of England. ICA’s core business is the resale and maintenance of Ricoh and Toshiba office printing equipment, predominantly to the commercial, public and educational sector markets.
The transaction allows exiting shareholders to realize their investment, and sees the appointment to the board of Simon Whapshott as Managing Director and Andy Nash, a highly experienced Chairman. The transaction provides the impetus to pursue an aggressive organic growth strategy and consider possible acquisition opportunities.
Simon commented, "The MBO of ICA will enable the management team to fulfil the potential of the Company in a rapidly changing market. HMT were the "key" component in this transaction and the massive support given by the team at HMT and to me personally by Wesley Fell-Smith was invaluable to enable the MBO to complete in a difficult market."
Andrew Thomson commented, "We are delighted to have acted for Simon and his team. To complete a transaction of this nature in difficult market conditions is a tribute to the strength of ICA’s business and management team and bodes well for the Company’s future."