Orbis Advises On The MBO Of Lean Education And Development Limited

Orbis has advised on the management buyout (MBO) of Lean Education and Development Limited (LEAD), a national provider of accredited vocational learning and development programmes. The transaction was led by Partner Gary Ecob and Manager Steve Nock. Funding to support the MBO was provided by Finance Birmingham and Royal Bank of Scotland’s Corporate Transactions team, Birmingham.

Established in 2008 and headquartered in Hagley, West Midlands, LEAD specialises in the delivery of accredited adult apprenticeships and lean practice qualifications across a broad range of sectors. LEAD has developed a unique government-funded programme, which supports clients with their on-going continuous improvement programmes by training employees in live activity. The company is recognised as a class leader in its field – both in terms of its business and delivery models and in relation to the quality of its delivery staff. The company has successfully trained over 7,000 learners since inception.

The business was originally set up by Chairman Gary Redmonds in 2008 as part of the Leaping Man Group of training companies and has grown significantly over the last eight years. Gary has decided the time is right to hand over responsibility to the management team in order to focus on his other business interests. The MBO is being led by Finance Director Luke Cartwright, Managing Director Maxine Jones and Operations Director Phil Walters who will continue to run the business. Non-executive support will be provided by Graham Mold at Finance Birmingham.

“We worked closely with the management team at LEAD to find the most suitable deal structure to ensure a strong platform for the business going forward. We believe the management team – with the support of Finance Birmingham and Royal Bank of Scotland– are well placed to deliver the company’s ambitious growth plans.”
Gary Ecob, Partner

“The MBO provides us with an excellent opportunity to continue the growth of the company and to further cement the reputation of LEAD as a class leader in its field.”
The Management Team

“We are delighted to welcome LEAD as a new customer to the bank. We’ve been impressed with the company’s approach to adult apprenticeships in Business Improvement Techniques and Lean Manufacturing. We look forward to working with the team going forward.”
Stephen Gater, Associate Director from the Corporate Transactions Team at The Royal Bank of Scotland

Ondrej Okeke and Stephen Gater transacted on behalf of the bank.

Funding to support the MBO came from Finance Birmingham’s £56m Mezzanine Fund, supported by the Government’s Regional Growth Fund. It is the largest individual growth capital fund for SMEs in the West Midlands. Businesses can apply for loans of between £250,000 and £2m to fund development and growth plans.

“We are really pleased to back a great team and look forward to working with them over the coming years to grow the business, which is adding huge value to the UK manufacturing base.”
Graham Mold, Finance Birmingham

A host of Birmingham advisers were involved in the transaction, with legal advice to the management team provided by John Heaton and Nathan Gray of Higgs & Sons. Legal advice for Finance Birmingham was provided by Clare Lang at George Green and legal advice to the bank was provided by David Doogan and Jen Rawlins of Pinsent Masons LLP. Legal advice to the vendor was provided by Lee Clifford and Leanne Fryer of Freeths LLP and Financial Due Diligence was provided by Rob Wilson and Roy Farmer of Dains LLP.