Maw Comms news
Howes Percival acts on multi-million pound management buy out of Glazing Vision Ltd
Leading law firm Howes Percival has advised the management team of Glazing Vision Ltd on the multi-million pound management buyout from the company’s founder.
Glazing Vision Ltd are technical experts in the cutting-edge design, manufacture and supply of precision engineered, architectural glass roof lights for residential and commercial buildings. Through its growing operation in the USA and multiple distribution channels across Europe, Asia, and Australia the company sells off-the-shelf, standard and bespoke glass roof solutions. The deal will enable Glazing Vision to drive further international expansion of the business.
Alongside corporate finance advisers, Price Bailey, Howes Percival advised the six-strong management team, led by Glazing Vision’s Managing Director, Jon Shooter, on the terms of the acquisition from the company’s founder who has retained a small minority stake in the company.
The Howes Percival team was led by corporate partner, Oliver Pritchard supported by Richard Turner and Lizzy Page. Harriet Rogers dealt with the banking aspects of the deal and Tessa Haskey dealt with property matters. Funding for the transaction was provided by Allica Bank.
Commenting on the deal, Oliver Pritchard, said, “We’re delighted to have acted for and supported the Glazing Vision management team on this deal. Glazing Vision are long-standing clients, and we’re pleased to have been given the opportunity to help guide the management team through the buyout process which will help them achieve their ambitions for further international expansion.
“We’re seeing a very encouraging level of deal activity at the moment. There has been a particular surge in management buyouts – possibly due to business owners re-assessing their financial objectives, risks and priorities in light of recent events and deciding to extract value from their businesses.
“The spectre of the Chancellor raising capital gains taxes is still on the horizon, albeit now pushed back into next year. This may be another factor encouraging many owners to look to sell now and take advantage of the existing attractive CGT rates.
“Debt funding for transactions is tight. However, the market now includes a very large range of potential funders outside of the traditional larger banks and, while you may now have to dig around for funding a bit more than in the past, there’s still an appetite amongst many funders and investors to back quality businesses in the right sectors of the economy.”
Glazing Vision’s Managing Director, Jon Shooter, said, “We have had a long and established relationship with Howes Percival from reviewing customer contracts to drawing up distributor agreements. However, the MBO was a much bigger assignment and they performed amazingly. Under very difficult circumstances they were able to find solutions and worked incredibly hard and diligently to assist in getting this deal over the line. My thanks go to all the team and we look forward to continuing our relationship going froward.”
For more information on Howes Percival’s Corporate and Commercial team: https://www.howespercival.com/services/corporate/
For further information please contact:
Gordon or Liz at MAW Communications (www.mawcomms.co.uk) on 01603 505 845
Notes to editors:
Howes Percival has offices in Cambridge, Leicester, Manchester, Milton Keynes, Northampton and Norwich. It has 49 partners and 169 lawyers in total.
The firm is recommended in The Legal 500 – the authoritative guide to the UK’s leading law firms. In the 2020 guide, no fewer than 12 different departments achieved the guide’s highest possible ranking (Tier 1): Corporate and Commercial; Dispute Resolution – Commercial Litigation; Dispute Resolution – Debt Recovery; Finance – Insolvency and Corporate Recovery; Human Resources – Employment Law; Human Resources – Health and Safety; Private Client – Agriculture and Estates; Private Client – Tax, Trusts and Probate; Real Estate – Commercial Property; Real Estate – Property litigation; Real Estate – Environment & Planning; Technology, Media & Telecoms – Intellectual Property.