Experienced team achieve alarm company MBO | 07 April 08
A COMPANY which specialises in alarm systems for the healthcare industry has been bought out by its management team in a seven-figure deal.
Newcastle-based Specialist Alarm Services Ltd (SAS) has been sold to a trio of senior managers for an undisclosed sum.
The 27-year-old company designs, manufactures and installs a variety of alarm systems used by NHS Trusts, care homes and other healthcare facilities across the country and overseas.
It specialises in staff attack alarms that provide security to healthcare professionals working in potentially higher risk environments and nurse call systems – which allow patients to alert healthcare staff.
Management buy-out team Hilary Case, Bryan Smith and Daniel Eastwood have almost 50 years combined experience at SAS and have bought the company from retiring owners Robin Forster and David Huggins.
The new owners plan to retain all 18 staff at SAS as well as the company’s current Newcastle premises.
The MBO team said: “A great team assisted us in securing the future of SAS in the North East and the jobs of our colleagues.
“The MBO is a great opportunity for us and we wish Rob and Dave well in their retirement.”
Ward Hadaway provided legal advice to the MBO team on the deal with Baker Tilly providing financial advice.
Mike Spetch (pictured), corporate finance partner at Ward Hadaway, said: “SAS has developed an excellent reputation within the industry and has a long track record of producing and maintaining high quality security systems for this particular market.
“The new owners know the company and the industry very well and I am sure they will put this experience to good use to ensure the continued success of the business.”
Angela Toner, Corporate Finance Partner at Baker Tilly, said: "We are delighted to have been able to secure the deal for Bryan, Hilary and Dan and look forward to working with this very successful business going forward."
Clydesdale Bank provided the funding for the management buy-out with Muckle LLP providing legal advice and Armstrong Watson corporate finance advice for the sellers.