This business was a division of a larger, family-owned group. The owners decided to sell this business in order to focus their attention on the other activities in the group. We dealt with a very professional management team during the process rather than with the owners. This was a sale of assets, in effect, vehicles & equipment and goodwill.
It took slightly longer than usual to get the business onto the market because of a possible MBO of part of the business. However, once the business was advertised demand was very strong - we think as a result of accelerating consolidation in the FM sector which extends to Grounds' Maintenance.
At the first buyer meeting the acquiring party wished to make certain of the acquisition because it represents such a good fit for their existing activities and accordingly offered more than the Guide Price. In our view the price offered was generous and, although, sometimes, vendors worry about accepting the first offer received our clients had no such concerns in this case.
The legal stages were relatively complex because of the need to novate a large number of contracts but this was achieved very efficiently by virtue of the close working relationship between the 2 parties which developed.