Robert Belcher, the 100% shareholder of Manrose, appointed Pace Equity to advise him on the merits of an offer received for the business and review his options. Based on market information and its own knowledge, Pace concluded that the offer was below current market valuations and that it should be possible to generate a higher offer from a direct competitor.
Pace compiled an information memorandum on the business and approached a small group of carefully selected potential acquirers from the ventilation industry in the UK and Europe. This process generated a range of more attractive offers for the business. Robert decided to progress the transaction with Volution Holdings Ltd, the owner of Vent-Axia and other ventilation companies.
Pace managed the process working closely with the senior management of the business and the other advisors, including lawyers Clark Holt and accountants F.A. McGhee, to drive the transaction through to completion.