Easby completes £24m MBO, backed by NVM Private Equity
Rockworth acted as lead adviser to Easby’s former owner, Rebound Electronics.
Rockworth has advised on the management buyout of Easby Group, in a £24m deal backed by NVM Private Equity.
Easby Group, comprising Easby Electronics and Delta-Impact, is a UK franchised distributor of components and a service provider in the electronics supply chain. It has offices and warehouses in North Yorkshire and Berkshire.
Prior to this deal, Easby Group was owned by Rebound Electronics, a global electronics business that specialises in resolving supply chain challenges, including sourcing scarce components, reverse logistics, and obsolescence management. Rebound’s shareholders engaged Rockworth as lead adviser, to explore options for carving out Easby Group and lead the transaction process. The MBO will allow both Rebound and Easby to focus on their core strategies.
Led by CEO Nigel Copely, Easby Group has seen significant revenue growth over the last three years, supplying manufacturers in rapidly growing sectors including EV charging, smart energy, Internet of Things, and 5G.
Rockworth attracted interest from a range of potential buyers, including European competitors, international industrial groups and private equity firms, before Easby’s management team selected NVM as their preferred bidder.
Rockworth advised Rebound CFO and shareholder Peter Griffith-Jones throughout deal negotiation, due diligence and completion.
The deal saw four of Easby Group’s management team become shareholders and will enable the business to continue developing its customer base and capabilities in its chosen markets. Easby’s growth strategy will be supported by NVM’s financial backing and its portfolio experience in aligned sectors.
Rebound achieved a significant return on its original investments in Easby Electronics and Delta-Impact, acquired in 2012 and 2008 respectively. Deal proceeds will allow Rebound to accelerate its own strategic plans, as it ramps up its global operations.
Nigel Copely, CEO of Easby Group said; “It’s been a long journey from our first internal discussions to completion of this MBO. There has been a lot to learn along the way, and a number of highs and lows. The management team and I have been grateful for Rockworth’s support throughout – many thanks to Lawrence, Zuzana and Claire. I am now looking forward to the challenges and opportunities that lie ahead for the business – exciting times.”
Peter Griffiths Jones, CFO of Rebound Electronics, said; “It has been a pleasure to work with Rockworth on this deal. The advice provided to both me and to the Easby Group team has proved invaluable. And all sides are delighted with the outcome – a fantastic achievement by Rockworth.”
Mauro Biagoni, investment partner at NVM said; “Easby is a fantastic regional business operating in a sizable market estimated to be worth just under £2billion. We are hugely confident that Nigel and the team will be able to grow their market share as a result of this investment. The quality of relationships that the team has held with customers spans several decades and now with the right investment behind them we look forward to accelerating this growth.”