Power to the People - management buy UPS

November 2005

Uninterruptible Power Supplies, the leading independent player in the supply, installation, commissioning and servicing of uninterruptible power supply systems has been acquired by management in a £15 million buy-out, supported by Barclays Ventures and HSBC (Leveraged Finance). Having announced his decision to leave the business he jointly founded in 1996, Mr Roy Hardcastle, as majority shareholder, asked London corporate finance boutique Livingstone to find a buyer for the company. Livingstone’s Nigel Morgan, who led the team that sought a potential purchaser, comments: “We marketed the business to potential trade and financial purchasers and received a number of offers from various parties, but during discussions it became obvious that the senior management team were keen to take the business forward themselves. Barclays Ventures gained the support of management to do the deal, and we have therefore been able to achieve a great deal for shareholders, management and Barclays Ventures.” After the deal was completed Roy Hardcastle offered high praise for the work of the Livingstone team. He said: “Gordon Blair, Nigel Morgan and Graham Carberry all undertook their roles in a thoroughly professional manner. They were extremely knowledgeable; they ran a tight, well-managed process, always keeping me informed to the extent I never had to chase them – and when the information came it was always accurate.” From the other side of the negotiating table, David Bond commented: “The Livingstone team were instrumental in optimising shareholder value whilst also enabling incumbent management to achieve a lifetime’s ambition to lead and execute a successful buyout. I am indebted to them for their assistance in the business planning phase and in ensuring our funders delivered on the promises they made as we entered key negotiations during the latter stages of the process.”

Gordon Blair, Partner
Tel: 020 7484 4705
Email: gblair@livingstonepartners.co.uk

Nigel Morgan, Director
Tel: 020 7484 4733
Email: nmorgan@livingstonepartners.co.uk

Graham Carberry, Deal Leader
Tel: 020 7484 4728
Email: gcarberry@livingstonepartners.co.uk