Selling A Professional Services Business

Andrew Forbes Ltd

Andrew Forbes, a firm of chartered surveyors with six offices in England and Wales, has been sold to Eddisons in a deal overseen by Paul Liptrott, KBS Corporate Deal Executive.

With its headquarters in Bristol, Andrew Forbes also operates from Bath, Cardiff, Cheltenham, Oxford and Swindon, having been established in 1995 and achieved a reputation for providing high-quality advice on a wide range of commercial and residential properties for owner occupation, investment or development.

The company’s 18 employees are being integrated with Leeds-based national property consultancy Eddisons, which has a network of more than 25 offices across the UK and now has a valuations team exceeding 100 among its staff of over 400.

“Andrew Forbes wanted to find a buyer that could satisfy the objectives of three shareholders who all had differing objectives,” explained Paul Liptrott after completing the sale.

“Two shareholders were retirement-planning, although only one of them was to retire immediately after the transaction. Two of the shareholders wished to continue working within the profession, so it was important to find a buyer that could be a good fit.”

One of the UK’s fastest-growing property consultancies, Eddisons’ presence in the South West of England has been significantly boosted as a result of this acquisition.

“The buyer recognised Andrew Forbes operated in a geographical location they had planned to provide further services within,” added Paul.

“The reputation they had built since 1995 and the success of Andrew Forbes in this area of professional services had appealed to several buyers. However, Eddisons were much more appreciative of the value this would bring. They had criteria that had been met in every aspect with Andrew Forbes.”

David Chichester, managing director of Andrew Forbes, said: “We are excited to be joining the Eddisons team as there is a natural overlap with the services we offer and an opportunity to work with like-minded individuals. This strengthens our proposition to clients and I look forward to developing the opportunities the deal presents.”

Eddisons’ managing director Anthony Spencer added: “The acquisition complements our existing strength in valuations and I look forward to working with David and the team to seek opportunities for further growth.”

The sale was also one that ticked all boxes from KBS’ perspective. “Andrew Forbes were an absolute pleasure to work with, which made the process extremely successful and we found the perfect buyer within a short scope of time,” said Paul Liptrott.

“The communication I had working with Andrew Forbes was a cut above the rest. The shareholders trusted my advice and clearly communicated their requirements and preferences.

“Working together in such a manner was instrumental to the success of the deal. I have no doubt the spirit they showed during the deal will transmit going forwards working with Eddisons.”

Paul’s work was supported by KBS colleagues Lile Ashley, Research Analyst, who identified the buyer and many other potential acquirers who impressed Andrew Forbes, and Daniel Calderbank, Document Writer, who prepared the information memorandum.

Revell Ward Ltd

Accountancy firm Revell Ward has been acquired by private equity-backed DJH Mitten Clarke in a deal overseen by Jay Singh, KBS Corporate Finance Director.

Revell Ward offers a complete commercial solution, providing bespoke financial and business support services to companies and private clients across Yorkshire.

The firm was founded in 2008 following a management buyout of Mazars’ Huddersfield office and, over the course of 15 years, has cemented itself at the forefront of the regional financial sector.

Revell Ward is managed by directors Karen Borowski, Jennifer Davies and Lesley Sutton, who instructed KBS on the sale of the business as part of the firm’s long-term growth strategy.

Richard Stocks, Senior Research Analyst at KBS Corporate, managed the buyer outreach process and was excited to present the opportunity to the financial M&A space.

“Revell Ward has a strong market presence and high-quality client base,” said Richard. “It was an attractive prospect for potential acquirers as a regional firm with a one-stop shop service.

“The company generated multiple offers that presented Karen, Jennifer and Lesley with varying valuations and structures. We were in a suitable position to positively negotiate and advise on different opportunities that could fulfil their eventual exit.

“The financial M&A industry is observing increased private equity interest as major investors look to enter the market and consolidate.”

The successful offer came from DJH Mitten Clarke, an award-winning accountancy firm with offices in Stoke-on-Trent, Chester, Leeds, Manchester and Walsall.

DJH Mitten Clarke recently received backing from private equity investor Tenzing Capital, an investment specialist focused on high-growth SMEs in the UK and Europe.

The acquisition of Revell Ward facilitates DJH Mitten Clarke’s long-term vision, benefitting from the synergies presented by high-quality regional firms while enhancing the organisation’s geographical reach.

Scott Heath, CEO of DJH Mitten Clarke, said: “Our partnership with Revell Ward further strengthens our foothold in the North, ensuring clients across the region benefit from exceptional services and business advice.

“Our aim is to further solidify our commitment to developing top accountancy talent through investment in training and providing tailored solutions that empower businesses to succeed.”

Karen Borowski added: “The alignment of values between Revell Ward and DJH Mitten Clarke will ensure the seamless integration of our technology, services and teams. We’re extremely excited about the future and the opportunities that the partnership will create for both our team and our clients.

“We are proud to be Huddersfield’s trusted accountancy firm and will remain at the heart of West Yorkshire’s business community.”

Jay Singh believes the professional services market is primed for consolidation, with KBS Corporate benefitting from strong relationships with key acquirers and investors. He said of the deal: “It was a pleasure to advise Revell Ward’s shareholders and see the business pass on to a larger group that secures the long-term future of the firm.

“Whilst we generated significant interest and multiple offers, the key for this transaction and identifying DJH Mitten Clarke as the preferred bidder was to ensure that the businesses were strategically and culturally aligned, which ultimately facilitates a smooth integration process.”

OJ Health and Safety Solutions Ltd

OJ Health and Safety Solutions has received substantial investment from Newable Compliance in a transaction overseen by Charles Needham, KBS Corporate Deal Executive.

West Yorkshire-based OJ is a health and safety specialist, providing training, consultancy and assessment services to national clients.

Since its formation in 2007, the business has developed its retained service package, encompassing one-to-three-year agreements to deliver 24-hour support.

Additional services provided by OJ include asbestos surveys, fire safety, health assessments and comprehensive accident investigations.

Charles Needham advised: “Much of OJ’s value came from its potential. The shareholders had been growing the business exponentially over the last few years with limited marketing efforts.

“The majority of OJ’s turnover was on a contracted basis and, when comparing this to the profit margins achieved by the business, it was a very appealing opportunity.”

Founders Kelly and Neil Denning were looking for the right buyer that would provide the necessary resources for future growth while enabling them to retain an interest in the business.

Newable Compliance has acquired a majority stake in OJ to expand its investment portfolio. The organisation provides long-term strategic investment to businesses focused on supporting SMEs in meeting their compliance obligations.

To fulfil its ongoing goals, Newable Compliance intends to invest in three to four businesses on an annual basis.

Neil Denning commented on the deal: “Since OJ’s establishment in 2007, our mission has been to offer a streamlined solution for both SMEs and large organisations in need of a reliable and straightforward safety partner.

“Now, with the backing of Newable Compliance’s investment, we are poised to extend our service to a wider audience of SMEs seeking to fulfil their health and safety obligations. This strategic partnership enables us to provide an even greater number of businesses with the necessary tools and guidance to navigate the complex landscape of health and safety.”

Bruce Gordon, Co-Chair of Newable Compliance, said: “We are thrilled to embark on a collaborative partnership with the team at OJ. Together, we aim to accelerate the growth of the business. By joining forces, we can leverage our collective expertise to scale the business, broaden its reach, and enhance the delivery of innovative health and safety solutions.”

Charles Needham added: “It was enjoyable working alongside Newable Compliance during this transaction. I was extremely pleased with how they conducted themselves as a purchaser and would love to work with them again.

“I am delighted with the outcome of the sale and to have been involved in the process. By working with Kelly and Neil through negotiations, we secured a deal that fairly reflected the value of their business.”

During the sale, OJ was supported by Guvvy Sandhu and James McKimm of Mackrell Solicitors.