2nd September 2019
Perfect Image, a Newcastle-based IT services company, has successfully undergone a Management Buy Out (MBO), completed by Chief Executive Officer (formerly Chief Operating Officer), Rob Hankin, and Sales and Marketing Director, Andrew Smith. The MBO was backed by Chiltern Capital, a private equity firm that supports exciting businesses with ambitious teams to grow and develop. Sophie Colloby of Dow Schofield Watts Transaction Services provided buyside due diligence for Chiltern Capital.
Joining the board are Thomas Holroyd and Mark Coronato from Chiltern Capital, and new chairman, Tom Kelly, who brings with him 30+ years of IT and MBO expertise. Andrew Robson, founder of Perfect Image, will remain on the board as a Non-Executive Director.
Rob Hankin said: “I am very pleased to be working with Thomas, Mark and the team from Chiltern; they rolled up their sleeves and supported us all the way. We appreciate their direct and straightforward approach and it has been a pleasure dealing with them. We now look forward to working alongside them to deliver our vision for Perfect Image.”
Rob began his career at Perfect Image in 2010 as a consultant and Andrew was the first salesperson in 2008 – both have taken a more active role in managing the business over the past few years and are passionate about continuing Perfect Image’s increasing success.
Andrew Smith said, “Our success has been built on our people and on the services we provide. The future of our business is in maintaining and improving that, by investing in our people and developing our expert teams. This investment will allow us to continue our ambitious growth plans, to improve service delivery for our customers, and to strengthen our market position with new and innovative products and services.”
Perfect Image was founded in 1991 and has achieved significant expansion, partnering with innovative, industry-leading technology vendors such as Microsoft, Amazon Web Services, Qlik and Alteryx and working as a trusted IT partner to UK-based midmarket companies. Perfect Image is based in the North East and offers intelligent IT solutions that empower businesses nationwide, using expert IT services and innovative technologies.
Of the MBO, Andrew Robson said: “I am delighted that Rob and Andy’s many years of contribution and dedication to the company has resulted in this opportunity. I know they will continue to drive Perfect Image’s growth success through great customer service and a focus on attracting and developing the best IT staff, and I look forward to supporting them over the coming years.”
The MBO will ensure the business’s growth with a focus on the continuous optimisation and expansion of our people, services, products and support offered to customers.
Thomas Holroyd, Investment Director at Chiltern, said: “We are delighted to be supporting Rob, Andy, and the rest of the Perfect Image team at such an exciting time for the company. The company is well-positioned in an expanding market which is supported by strong structural trends towards cloud-based services and the application of data analytics. We look forward to working closely with the ambitious team and Chairman during the next phase of the company’s growth.”
The deal was managed by UNW LLP, with John Healey and Gareth Phillips advising the shareholders of Perfect Image, and legal advice was provided by the corporate team at Ward Hadaway, led by Katherine Hay-Heddle.