The terms of the deal were not disclosed.

Rabby Persaud and Craig Chamberlain led the MacIntyre Hudson Corporate Finance team who helped to structure the deal and secure funding. Persaud commented, “Our team’s track record and experience was paramount in us being able to source and secure lending for the transaction in an extremely difficult debt market.”

Legal adviser to the management team was Andrew Kerr, head of the company and commercial department at Borneos Solicitors. Kerr said, “Contrary to press reports, banks are still lending to businesses provided they are well managed. In the case of AES, the new owners have already been involved in the management of the company for quite some time, which will undoubtedly ease the transitional period following the retirement of the sellers from the business.”