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Four Tees Engineers Ltd
Transaction: Management Buy-Out
Sector: Engineering
Completed: April 2018
Meridian advised the Shareholders of Four Tees Engineers Limited (FourTees) on their Management Buy-Out (“MBO”) to the incumbent management team.
Formed in 1982 by John Pettitt, FourTees has grown from modest beginnings into a highly reputable competent and innovative fabrication company. Offering a complete range of services in fabrication and site work across the metal, rail, marine, highway and water sectors, FourTees also assist in project management, offering solutions to engineering problems.
Based in Segensworth, Southampton, FourTees are well versed in difficult and challenging projects and as a result have established excellent long-standing relationships with market leading organisations.
The MBO will enable the management team to maintain the vision for the future, without compromising the impeccable reputation and services, which is already driving the business to its successes.
John Pettitt, Chairman of FourTees commented, "I first engaged Meridian in 2014 to assist with selling my business. Meridian worked tirelessly in marketing my business and leading negotiations with potential acquirers. Following negotiations with multiple parties we completed and MBO in 2018, allowing the shareholders to sell their shareholdings and bring in a new generation of talent and skills to the company. Since the MBO, Philip and Mike have continued to provide valuable input and support to the board to drive growth and we look forward to continuing to work with them over the next few years."
Philip Mettam, Director at Meridian who led the transaction commented, “It was a pleasure to work with John and FourTees to help structure a deal that worked for everyone. The recruitment of Tim Stedman into the company adds a new set of expertise and experiences and we look forward to working with him and the other shareholders to drive the business forward.”
Roger Bailey, David Bright and Kirsty Bowyer of Moore Blatch provided legal advice and Cathy Revis of Fiander Tovell provided tax advice.
