Castle Square advise on Management Buy-Out

28th November 2018

Prodis, one of the UK's leading supplier of own branded products to the catering and hospitality trade, has changed ownership in a Management Buy-Out, led by Managing Director, Anthony Faulkner, with Sheffield based dealmakers, Castle Square Corporate Finance providing corporate finance advice to the management team, with Newcastle Under Lyme based law firm, Beswick's, providing legal advice.

Prodis, based in Stoke on Trent, supplies its own brand of refrigeration equipment for bars/clubs, storage and display as well as ice makers, glasswashers, dishwashers, and catering equipment to bars, restaurants and hotels, acting as a distributor for brands such as Samsung, Icematic and Whirlpool. The company has experienced a period of significant growth in recent years, driven by the outgoing shareholders and the management team. The change of ownership will incentivise the management team to take the business to the next level. Founding shareholders Richard and Valarie Hammond continue to own a minority shareholding and will continue to support the company in the short to medium term. Director Kevan Shaw and Patrick Lynch from the Castle Square Team advised the management team on the deal valuation and ran a structured process which resulted in NatWest providing the necessary finance to complete the transaction. Patrick Lynch said, -In recent years the Prodis brand has received significantly increased recognition within the UK catering equipment sector, which is a testament to the hard work and commitment of Anthony and the Hammonds. "The change of ownership will allow Anthony to continue driving the business forward on the back of this recent success and expand new opportunities to provide further growth to the business. Peter Ellis of Stoke-based Beswick's Legal also advised Anthony Faulkner on the transaction. Alan Dawson led the NatWest team who provided the acquisition finance alongside working capital facilities. Alan Dawson of NatWest said, -Prodis has been a longstanding member of Stoke business community since it was first established in the 1980s. "NatWest is pleased to have had the opportunity to support Anthony and the team in their management buy-out. "We hope that the transaction is just the start of a long-lasting relationship with the new management team and we look forward to working closely as they deliver the company's future ambitions.

You might also be interested in

Webinar Recording: Embracing Diversity & Inclusion in Business

Fri 26th February 2021

A video recording of the first Embracing Diversity & Inclusion in Business webinar that took place on the 24th February 2021.

BCC responds to BEIS Committee report, ‘The impact of Coronavirus on businesses and workers’

Fri 26th February 2021

Commenting on the BEIS Select Committee report, ‘The impact of Coronavirus on businesses and workers: Interim pre-Budget report’, BCC Director General Adam Marshall said:

BCC/moneycorp survey: quarter of exporters to the EU considering holding back activity in the EU

Fri 26th February 2021

Results from the latest British Chambers of Commerce survey, in partnership with moneycorp, found that while 44% of UK exporters to the EU plan to grow their exports to the European Union.

Document Network Services join Sheffield Chamber as a Premium Partner

Tue 23rd February 2021

Document Network Services has joined Sheffield Chamber of Commerce. They aim to work closely with the Chamber and its members to ensure local businesses get a fair deal on their Print, IT Services, Document Management and Communications.