Ward Hadaway advises on Turbo Power Systems MBO
6th April, 2017
The Corporate team at Ward Hadaway has advised on the management buy-out of a cutting-edge manufacturer of power systems.
The Corporate lawyers provided legal advice to TWC3N, a company led by the management team at Turbo Power Systems, which is based in Team Valley, Gateshead.
Turbo Power Systems designs and manufactures high-speed motors, generators, and power electronics used in a range of different sectors including transport, energy, industrial and defence.
It sells its products to customers across the world with clients including blue chip companies such as Bombardier Transportation, Daikin Applied and UK Power Networks.
TWC3N, which has bought the company, consists of Turbo Power Systems CEO Carlos Neves, Chief Financial Officer Charles Rendell, Engineering and Business Development Director Nigel Jakeman, and Ian Baggett, CEO and founder of property and investment company Adderstone Group Limited.
Martin Hulls, Partner and Head of Corporate at Ward Hadaway, led the firm’s team providing legal advice to the management team at Turbo Power Systems.
He was supported by Corporate Partner James Nightingale and Corporate Tax Partner Paul Christian.
Martin said: “We are delighted to have assisted the management team at Turbo Power Systems to complete this successful management buy-out.
“The company is an international leader in its field with customers across the world and has developed a range of innovative technology spanning a series of different sectors.
“Our experience in advising on a range of MBOs and our specialist expertise on plc matters ensured we were able to help the management team at Turbo Power Systems to successfully conclude the transaction and begin an exciting new chapter in the company’s history.”
Carlos Neves, CEO at Turbo Power Systems, said: “Martin and his team at Ward Hadaway did a superb job in steering us through to a successful MBO of the business.
“Their prompt and professional advice was focused on the commercial needs of the company and helped to ensure that we secured the right deal for the future of the business.”
Ward Hadaway has advised on a wide range of management buy-outs including the MBO of Europe’s largest specialist pen retailer The Pen Shop.
Ward Hadaway Head of Corporate Martin Hulls is the current North East Insider Corporate Lawyer of the Year.
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