Prima Solutions Ltd
“The founding shareholders had been running the business since it was established and, whilst we had no intention of hanging up our boots, we knew it was important to get the younger guys in the team involved in the business in a formal fashion by a release of equity.”
“We had a broad idea of what we wanted to achieve and, following a recommendation, we got John on board to help put our ideas into practice. This proved to be an excellent decision as John provided the expertise and resource to structure the deal and raise the necessary finance in spite of the “credit crunch” prevalent at the time.”
John Norman, managing director
Prima Solutions is a successful supplier of software solutions to the clothing, footwear and accessories sector. A market leader with blue chip customers, Prima generates turnover in excess of £3.5million from its base in Loughborough, Leicestershire.
Established by in 1991, the founder shareholders were still actively involved and hugely important to the business. However, management succession had been an integral part of the strategy at Prima for some time and a young, very capable and highly motivated second tier management had been established.
To secure the future of the business, a partial buy-in/equity release was proposed to bring the second tier management into equity ownership. Skye Corporate Finance was appointed initially to appraise the feasibility of the deal and consider how best to structure it taking into account complex legal and tax issues.
Thereafter, Skye led discussions and negotiations with a range of banks in order to raise the necessary finance and project-managed the deal to completion liaising with various due diligence experts and legal teams.