£3m MBO at Lanner
Who?
Management at Redditch-based software manufacturer Lanner Group.
Did what?
Has bought the company from the 3i Group for £3m.
What does this mean?
The deal was backed by NVM Private Equity. The current management team, which includes Ken Briddon as chairman, took over leadership of the business in 2006. and over the last three years, the company has rolled out a number of new products, working with partners such as IBM and IDS Scheer to deliver their products to customers. End users include Ford, GSK and British Nuclear Group.
Who advised?
Eddie Harding of ICON Corporate Finance advised management on the deal. The legal advisers were Wragge & Co (NVM) and Pinsent Masons LLP (management). Financial due diligence was undertaken by Baker Tilly, while commercial due diligence was completed by Armstrong TS.
Insider comment:
Lanner has approximately 1,000 customers. In the year to 31 December 2008 - the latest one for which accounts are available - Lanner Group made a loss of £455,000 on a turnover of £3.76m.
