Swindon corporate finance specialists, Watersheds, have facilitated a successful Management Buy Out (MBO) of the business of Power Tan Ltd, setting the stage for further growth and international expansion for this prominent indoor tanning business.
Based in Leighton Buzzard, Power Tan is a market leading brand in the manufacture and distribution of indoor tanning products for the salon, health club and spa markets. Former owner, Gary Banks set up the business in 1987 under the name World Suncare Products, bringing the Power Tan name to the UK tanning industry almost 20 years ago. With an impressive track record of trading behind the brand, Power Tan has built a strong reputation in the beauty and tanning industry and has a track record of impressive growth despite recent economic pressures.
The MBO will enable Gary to successfully exit the business and head into retirement, whilst the former management team will now take the lead, poised to implement ambitious plans to drive further development and expand its international reach.
Leading the deal was William Senior, Partner at Watersheds. He explained: “A Management Buy Out can be an excellent option for owner managers to achieve their ideal exit strategy as well as rewarding a committed and experienced management team with the ability to shape their own destiny and grow the business they have helped build into something bigger.
“Obtaining the right funding can often be an area of concern when contemplating an MBO. However, with the right professional advice, we can help broker the best deal and necessary restructuring to ensure both buyers and sellers achieve their goals.”
Gary Banks added: “William Senior, who oversaw the sale of the business, was always available to provide invaluable expertise and offer impartial, balanced advice whenever it was needed. A real problem-solver in every sense of the word. William proved himself to be intrinsic and key in achieving the conclusion of the sale.”
Reflecting on the complexity of selling a business, William added: “For many owners, navigating a sale can feel overwhelming. With so many parties involved, we took a solution-focused approach, supporting Gary throughout the process from beginning to end and project managing the accountants and lawyers involved. This allowed Gary to focus on continuing to run the business successfully as well as providing a necessary buffer during the deal, maintaining the buyer/seller relationship without impacting on the day to day running of the management team.”
Funding was provided by HSBC and legal advisors were HCR Hewitsons.
For more information on Watersheds, visit www.watersheds.ltd.uk
Article from Vox PR and Marketing
