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Browne Jacobson advises Santander on MBO of IDE Systems Holdings Ltd

3 June 2019

National law firm Browne Jacobson has acted as legal advisers to Santander on a debt and growth capital facilities funding package as part of the management buy-out (MBO) of IDE Systems (Holdings) Ltd (IDE).

Founded 25 years ago, IDE is a leading provider of high quality engineered solutions for the temporary power distribution industry. The company manufactures new components alongside retaining a large stock of rental equipment that is supplied to sites which require power to distribute to a number of locations. The primary industries served include construction, events and facilities management.

Simon Clewlow and Deborah Partridge at Santander put together the funding package for the transaction, with legal support for the funder coming from partner Emma Hinton and Associate Chereta Edmeade of Browne Jacobson’s banking & finance practice. The IDE management team was advised by Guy Hemington and Chris Taylor of Regent Assay with Rick Smyth of The Wilkes Partnerships providing the management team’s legal advice.

The IDE management team comprises of Wayne Woodhead, Kevin Warne and Matt Collins. Wayne who has over 30 years’ experience in the product design, testing and engineering sectors was brought in by the outgoing vendors as Group Managing Director to help transition IDE to new ownership and to continue its growth in future years. Alongside Wayne, is the Sales Director Kevin who has over 20 years’ experience in the building products and rental market and Matt, a former Royal Marine and electrical engineer in the role of Systems Operations Director.

Wayne Woodhead, Group Managing Director, said:

“I believe that the takeover marks a significant step forward for the company. We are committed to the continued growth of the business with the introduction of our smart power distribution later on in the year, combined with our strong brand and dedicated personnel, we believe that IDE can push forward and continue to grow in the market.”

Simon Clewlow, Director of Growth Capital at Santander, added:

“IDE’s key differentiators are its technical excellence and superb product build quality. This ensures that IDE enjoys a market leading position in its chosen sectors. Wayne and his team have done an outstanding job in driving the historical growth of IDE and we look forward to supporting the company in the next phase of its growth story.”

Emma Hinton, head of banking for Browne Jacobson in Birmingham, said:

“It was a pleasure to support and work with Santander, Regent Assay and the IDE management team on this key funding deal. This funding package will present IDE with a fantastic opportunity to further grow their business and allow them to invest in newer technologies, ensuring they remain leaders in the markets they operate in.”

Browne Jacobson’s banking & finance practice specialises in handling complex transactions for leading banks and funders which includes acquisitions, property finance, restructures and asset based lending.

Recent experience of the team in acting for Santander includes the refinancing and MBO of Totalkare Heavy Duty Workshop Solutions Limited.

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