Custom Antenna Systems (CAS), a design and installation supplier to the communications industry, has been acquired by its management. The deal saw Russell Heagney buy-out his long-term partner Roy Harper and was backed by HSBC
The management was advised by MacIntyre Hudson Corporate Finance (MHCF) and Dunham Solicitors. The MHCF team was led by director Laurence Whitehead, with senior associate Mervyn Harmon and executives Brad Agnew and Richard Eckersley.
Tax principal Mike Hayes and his team at MacIntyre Hudson’s Milton Keynes office provided specialist tax advice.
“The opportunity was introduced to me by a close associate of Russell before any of the detail had been agreed, so we were able to structure the deal from day one in a way that enabled all parties to be comfortable with the outcome,” said Whitehead.
Geoffrey Leaver Solicitors advised HSBC on the debt funding, and the team was led by Troy Warner.
The Dunham Law team, led by partners Gary Smith and Keith Lewington, acted for Russell Heagney. Lewington added: “Thanks to the co-operative approach adopted by all the professional advisers involved, the deal was completed quickly and with the minimum of legal or commercial problems.
“We are sure the company will continue to grow and prosper under Russell’s leadership and look forward to working with them again in the future.”
Corporate partner Patrick McGrath of Vanderpump & Sykes Solicitors in North London provided legal advice to the vendor. “Roy has been a client of the firm for a number of years and we were delighted to act for him on his exit from the business.”