Mishcon de Reya advises Penta Consulting on a management buy-out
28 January 2015

Mishcon de Reya advises Penta Consulting on a management buy-out

Mishcon de Reya has successfully completed a management buy-out by the senior executive team of the specialist international telecoms recruiter Penta Consulting, with financial support from incumbent bankers HSBC and Smith & Williamson.

This transaction, for an undisclosed sum, has allowed founder Robert Harverson to exit the business and co-founder Richard Wilson to remain on the board in a non-executive capacity. It ensures an ownership structure that will incentivise current and future management, and will provide the platform required to enable the business to meet its long term growth strategy.

The senior team, comprising Jamie Sobrany, Ian Storrier, Nicky Iandoli, Peter Collins, Paul Clark and Chairman John Foley, will continue to lead the business.

Founder and CEO Paul Clark said: “There was always going to come a time when the three of us would relinquish our majority shareholding so that we can pass the baton on and this deal, which is stage one in the process, has enabled us to sell our shares back to the business.  Our dream was always to build a brand that created value and to share that value with those who have helped along the way.”

Penta has enjoyed a highly successful 16 year period of growth since it was established in 1998.  Jamie Sobrany, who joined in 2002, has been instrumental in developing Penta’s international market which now accounts for 85% of the business.  Penta’s success overseas has been recognized with two Queen’s Awards for Enterprise – International Trade in 2006 and 2014 which is a unique achievement.

Commenting Jamie Sobrany said: “This will enable us to reach the next stage of our development.  We will continue with our current business strategy with further organic growth identified. The business plan that has been created for the MBO, has identified a number of exciting opportunities for us to explore and we are confident that 2015 will be another great year for Penta.”

Corporate Partner at Mishcon de Reya, Jonathan Berman, added: "It has been great to be able to help the company to progress to the next stage of its development addressing the interests both of the exiting shareholders and the continuing management."

The Mishcon team comprised Jonathan Berman, Laura Chandler, James Paterson and Miten Vaghela from the Firm's Corporate Department; John Skoulding from its Tax Group; Louisa Cockburn and Charlotte Robertson from Mishcon's Finance and Banking Practice.


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