Jan 31, 2020
Lexington has acted as the lead advisor on the multi-million Management Buy Out (MBO) of iRG Group, the accident repair specialist, with funding provided by ThinCats.
iRG is a specialist accident repair group with sites across South Wales, Bristol and Hereford. The Company was established by its founder, Steve Peart, in 1999 and has grown significantly in recent years. iRG group is on track to achieve turnover of £30m in 2020 and currently employs over 270 people across 11 sites.
The Company works with several large insurance and accident management companies and also holds OEM approvals with the majority of car manufacturers. The deal was led by the Senior Management Team of Lee Wallbank (Managing Director), Daniel Lewis (Finance Director) Phil Dawson (Compliance and HR Director) and Joseph Moore (Commercial Director).
Lexington advised the Senior Management Team throughout the MBO transaction process. Thomas Edwards and Charlotte Mancuso were the lead advisers who introduced the MBO to a number of prospective funders and selected ThinCats as the preferred partner to support the transaction and negotiated terms with them through to successful completion.
Thomas Edwards, Director, said: “We are delighted to have advised the Management Team on this transaction. iRG is an excellent business with a great customer base and strong reputation in the marketplace. We worked closely with the Management Team to refine its business plan and projections and structure a funding package that allowed them to facilitate the MBO whilst also allowing the business to continue along its current growth trajectory.”
Lee Wallbank said: “We are extremely grateful to Thomas and the team at Lexington for their support on what is a very important and exciting milestone for us as a management team. They walked us through how the MBO process worked and helped us put together the business plan and financials that were needed to source the required funding. We wouldn’t hesitate in recommending Lexington to anyone looking to go through this process”