Leading Durham law firm, Swinburne Maddison, has concluded work on a management buy-out (MBO) at NE&C Windows and Doors (NE&C) in Washington.
The law firm advised the current management team in respect of the acquisition of the entire issued share capital of NE&C, facilitating all aspects of the transaction to completion.
The opportunity to undertake an MBO was created by the retirement of the business owners, Ed and Heather Ramshaw, who established NE&C twenty years ago.
Operating throughout Tyne and Wear, County Durham, Northumberland and Teesside, the company supplies and installs doors, windows and curtain walling. It offers a bespoke product range for trade and commercial businesses including the manufacture, supply and fitting of its products for large scale projects together with housing developments, retail units, offices and distribution centres.
With a new management team comprising Paul Readman (commercial director), Rachael Parkin-Wade (finance director) and Michael Massy, (operations director) the company is now setting its sights on the future, as managing director, Steve Allen, explains:
“I have worked here for over twelve years and I am very pleased we have been able to agree terms with the former owners, Ed and Heather, enabling us to take the company forward to a new phase of development. As a company we have a small staff turnover, which is great for continuity and building a strong team. Our plan is to retain all the existing staff and create new positions moving forward as we grow.
“We are continuously looking to expand and have some exciting plans in the pipeline. For example, we invest a great amount of time in R&D to bring new products to market and having achieved certification on manufacture and installation, we will soon be pushing our new range of fire-rated products, which include windows, curtain walling and doors.
“We are delighted with the service that Swinburne Maddison has provided. They are highly experienced with many MBOs to their credit, so they were able to work seamlessly with our accountants and provided excellent advice from start to finish on all aspects of the transaction and the various exits we might consider in the future. We are now very much looking forward to seeing what the future holds.”
Swinburne Maddison was recommended to undertake the MBO by NE&C’s accountants, Clive Owen LLP. The law firm’s corporate and commercial partner, Craig Malarkey, led the transaction with support from corporate solicitor, Jessica Stevens and trainee solicitor Niamh Wilson. Employment law advice was provided by solicitor, Phoebe Gogarty. Speaking about the MBO, Mr Malarkey said:
“This instruction was a great fit for our firm. With one of the largest corporate and commercial teams in the North, we were not only able to draw on this vast in-house expertise, but also on our significant experience of working with corporate finance advisers and funders to engineer the desired outcome for all parties, which is vital to the success of a transaction such as this.
“NE&C have enjoyed very strong growth and trading since lockdown and have gained many new customers by building on their core values of providing great customer service, high-quality products and competitive pricing, so it was particularly satisfying to help facilitate a smooth transition into the new company structure to secure the team’s continuing success.”
Gary Ellis, managing partner of Darlington-based Clive Owen LLP, chartered accountant and business advisers, said:
“We are delighted to have been able to advise the management team at NE&C Windows and Doors on their successful management buy-out of the business. NE&C are a valued, long-standing client of the firm and we wish their previous owners Ed and Heather Ramshaw well on their retirement.
“David Wilson and Jenny Waters from our Corporate Finance team delivered the transaction and we very much look forward to working with the new management team as they continue their hugely impressive growth journey.”