Howes Percival has advised on the management buyout of Millnet, a leading document and data processing business with sites in London and Manchester.
The business, which is one of the UK’s leading providers of document, data management and processing services to clients in the professional services sector, has been acquired by its Managing Director, Steve Chadd, from Consilio Global UK, part of the global legal technology group.
Steve acquired all the shares in Docbuster Limited as well as the trade and assets of the UK Paper division, trading as Millnet Document Services, from Consilio Global UK, through Millnet Limited, as the acquisition vehicle.
The deal will enable Millnet to strengthen its financial position in the face of major challenges confronting the confidential document and data processing sector in the UK.
“We are delighted to have successfully completed the management buyout of the Millnet business here in the UK, marking an exciting new chapter in our journey. We couldn’t have done it without the invaluable help and guidance of the Howes Percival team throughout the process and we look forward to working with them going forward on our future endeavours.”
Howes Percival advised the management of Millnet on all of the legal aspects of the deal including establishing a new company, negotiating the heads of terms, negotiating the terms of the asset purchase agreement, the share purchase agreement, the property arrangements for the new company and advice on new commercial contract terms.
Howes Percival Corporate Partner, Oliver Pritchard commented:
“We are delighted to have supported Steve on his purchase of the business. The timetable for the transaction was incredibly challenging, and it was a real collaborative team effort, working alongside the corporate finance and tax advisers at Price Bailey, to achieve a successful outcome. We wish Steve and Millnet all the very best for the future of the business and we look forward to providing further legal support to the business as it grows and develops.”
Price Bailey’s Strategic Corporate Finance team was led by Partner Stephen Reed, who commented:
“Millnet is a specialist business combining traditional document management with data solutions driven by rapidly evolving technology, including AI. This deal has secured the future of the business in the UK and positioned it for future growth.”
For more information on Howes Percival’s Corporate services please click here.