Cater Plus Services
Industry: Contract Catering
Type: BIMBO
Transaction Value: £4m
Deal: Ex-Sodexho directors Jim Lovett and Vince Pearson joined forces with the incumbent management team to acquire the business for £4.3m from the widow of founder and former Managing Director Eli Spokoini. Funding to the BIMBO was provided by YFM and Yorkshire Bank.
Our Role: McInnes Corporate Finance worked with the new management team for over two years to unlock a difficult transaction, with significant delays caused by the illness and eventual death of the owner, a change in funders and various commercial issues arising from the due diligence process. A transaction structure was eventually found that met the requirements and aspirations of the management team, the funders and the founder’s widow.
The opportunity to take a stake in Cater Plus Services and grow a business with a strong operational and financial platform is one that we are very excited about. McInnes Corporate Finance worked tirelessly with us to secure the structure and financial backing to enable us to deliver our growth plans. The guys at McInnes were, and still are, a great source of financial and commercial advice and helped us to keep sane throughout all the issues and developments!
Jim Lovett - Managing Director, Cater Plus Services
