Wragge & Co LLP

Wragge & Co advises Matrix Private Equity on the management buy-out of EMaC Limited

Press Release   •   Nov 16, 2011 18:24 GMT

Wragge & Co's Private Equity team has advised Matrix Private Equity Partners on its £6 million investment to support the management buy-out of EMaC Limited. The UK car service plan provider EMaC has been acquired from Hardy Mill Holdings Limited for an undisclosed sum.

Partner Andy Stylianou and director Gareth Baker, working closely with Ashley Broomberg, partner at Matrix, led the deal. Additional bank funding was provided by Yorkshire Bank.

Andy Stylianou said: "A complex transaction, it required a pre-acquisition corporate reorganisation. This involved reengineering employee incentives, putting complex banking arrangements in place and carrying out significant tax planning. Our in-depth venture capital trust and transactions experience, together with our full-service expertise, ensured we were able to quickly resolve all the commercial issues and fulfil the client's objectives."

Ashley Broomberg added: "Wragge & Co threw an incredible amount of expertise and resource at this deal, with sub-teams working simultaneously on a number of different work streams. This kept the momentum high and ensured the transaction ran smoothly despite many challenges along the way."

The cross-firm Wragge & Co team also included corporate associateRichard Elks and solicitor Fayaz Patel. Partner Neil Pearson led on VCT structuring advice and partner Kirsty Barnes and associate Anna Jewitton banking and finance issues. Employment expertise was provided by associate Ruth Ormston and solicitor Hannah Dolman. Director Graham Spalding coordinated the legal due diligence process.

Matrix Private Equity Partners is part of the privately owned financial services business Matrix group. The group currently has approximately £4 billion of assets under management and employs more than 160 people in the UK.

EMaC Limited works with automotive retailers across the country to design service plans which it then administers on behalf of the retailer. Based in Crewe, the company manages more than 350,000 plans for more than 1,000 UK dealerships.

Dickinson Dees advised EMaC's management team, while Irwin Mitchell advised the seller of EMaC. Pinsent Masons advised Yorkshire Bank.

Wragge & Co's Private Equity team offers detailed guidance on pre-transaction decisions, financing, structuring and tax issues, and post transaction services. Experienced in advising private equity and venture capital investors on a full range of matters, it combines technical excellence with in-depth market knowledge and a commercial approach. Highlights include advising Lyceum Capital on its £30 million acquisition of independent managed IT services provider Adapt. Other clients include H2 Equity Partners, CBPE Capital, ISIS Equity Partners and NVM Private Equity.

For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Rebecca Davies on +44 (0)121 685 3819, Gayle Redding on +44 (0)121 685 2708 or Rebecca Lum on +44 (0)121 260 9973

This press release may contain information of general interest about current legal issues, but does not give legal advice.

Wragge & Co is a UK-headquartered international law firm providing a full service to clients worldwide, including 27 FTSE 100s, 22 FTSE 250s, hundreds of public sector organisations and thousands of large private companies.