Enterprise Ventures backs MBO of IMC

The MBO team is led by IMC's managing director Gavin English and the business was acquired from WSP Group. Jeremy Cole of Cole Associates in Manchester introduced the deal to Enterprise. According to Enterprise, the company has the characteristics it looks for when backing management buyouts. It was particularly attracted to the deal because it believes the company has a strong management team and position in a growing market.

Enterprise is looking to support the company in growing as a stand-alone unit. The investor also sees opportunities to broaden the company's product offering, in areas such as disaster recovery. Enterprise is also looking to back an expansion into new geographies.

Equity for the transaction was provided by the Enterprise Ventures Growth Fund, which manages £15.5m.

Debt
Co-operative Bank supported the transaction with a debt package said to account for 45% of the funding.

Company
IMC Worldwide is based in London and is a provider of management consulting services to governments, international development organisations and private sector clients in the UK and abroad. The company's work is funded by donor organisations such as DFID, the European Investment Bank, the World Bank and the Inter American Development Bank. The company was formerly known as WSPimc and was founded in 1973.

People
Paul Taberner led the deal for Enterprise Ventures alongside Simon Ward.

Advisers
Equity – Pinsent Masons (Legal); PKF (Financial due diligence); Cole Associates (Management due diligence).
Newco – DLA Piper (Legal).

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• Topics
• UK / Ireland
• Buyouts
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• Co-operative Bank
• United Kingdom
• Pinsent Masons
• DLA Piper