Pictured, from left to right, are David Kaplan and Ran Oren of Flint Bishop & Barnett, sellers Steve Whittingham and Chris Noonan; David Newborough of Ashgates and MBO team members Gavin Dickson, Laurie Ward and Mark Whitworth.
Venture Business Forms Limited, a Leicestershire-based print management firm, has been acquired by its management team for an undisclosed sum.
The company, which employs 28 people, is based at Warrens Industrial Park in Enderby and has additional offices in Ilkeston in Derbyshire and in Newcastle under Lyme in Staffordshire.
Owners and directors Steve Whittingham and Chris Noonan, who were advised by accountants and corporate financiers Ashgates in Derby and East Midlands’ law firm Flint Bishop and Barnett, have agreed to sell the business to the existing management team.
Steve and Chris acquired the business in a management buy out almost 20 years ago and said it was good to see history repeat itself in terms of succession planning.
Steve added: “It is reassuring to know that Venture will continue to be run by a team who knows and understands the needs of our market place and our customers.”
The MBO team, comprising Gavin Dickson, Laurie Ward, Glynn Sellors and Mark Whitworth, plan to build on Venture’s success to date.
Gavin added: “This is an exciting opportunity and we look forward to continuing to meet the needs of Venture’s many customers across the UK.”
Venture Business Forms, which was established 30 years ago, supplies print and stationary products and services to a wide range of industrial and commercial customers including a number of blue chip companies.
Its products range from conventional sprocket fed computer stationary and general business forms through to high quality 4 Colour process printing and self adhesive labels. Now at the forefront of print technology, Venture also offers customers a comprehensive print consultancy service.
Steve added: “We are grateful to Ashgates and Flint Bishop and Barnett for their advice on the sale. Ashgates knew our business inside out which proved invaluable in the negotiations leading up to, and during, the sale. Flint Bishop and Barnett acted for us a few years ago when we acquired another business, SPS Charles Anslow in Derby, so they have useful prior knowledge of our business and our markets. Working together as part of an efficient team they were able to ensure a smooth transaction”
Corporate lawyers David Kaplan and Ran Oren led the transaction. David commented: “This acquisition is a fine example of good succession planning and we wish the new management team every success in the future.”
David Newborough of Ashgates added: “It has been a delight to work with Steve and Chris both in growing the business and during the MBO process. We wish the MBO team every success running the business that they have helped to build.”
Strategic Corporate Finance in Sheffield acted for the buyers. Legal advice to the MBO team was provided by Wake Smith solicitors in Sheffield and NatWest provided the funding.