M&A Advisory Morson Group
M&A Advisory – Take Private acting for MBO Offeror

M&A Advisory – Take Private acting for MBO Offeror

Morson Group

Established in 1969, Morson Group PLC is the largest technical staffing company in the UK and provides technical contracting personnel to the aerospace and defence, nuclear and power, rail and other technical industries. Morson floated on AIM in March 2006 with a strategy to grow the business utilising a public quote.

The management team and founder shareholders of Morson engaged SPARK to take the business private from AIM in early 2012. The deal required funding, structuring, Takeover Panel approvals and the support of other shareholders.

SPARK assisted the management team raising £60m of leverage and negotiated with shareholders and the Company’s bankers to close the transaction within the timing constraints of a public offer timetable. The deal was successful concluded despite objections from other significant minority shareholders

MBO take private transactions are often objected to by shareholder groups and as a result require significant negotiations with both shareholders and transaction funders to bring to a conclusion. The SPARK team were able to deploy their significant takeover code knowledge, debt advisory expertise and M&A negotiating skills in dealing with dissenting shareholders to close the transaction at an attractive price and deliver full control of the company to its management and founders.