BWB Team
Graham Mold
Rob Carroll
Featured Deal - BWB
BWB
The BUSINESS
BWB, which is based in Nottingham and has offices in Birmingham, Derby, Leeds, Leicester and Manchester, employs around 250 people and provides multi-disciplinary engineering solutions to the property, development and construction industry.
Core areas include civil and structural engineering, geotechnical and environmental consultancy, flood risk and drainage engineering, traffic and transportation and highways and infrastructure consultancy. It also offers a range of additional services including regeneration and project management.
The business was founded in Nottingham in 1990 by Malcolm Wright, Chris Boon and Cliff Blunt. Over recent years, Malcolm Wright and the MBO Team have established the company as a consultant of choice for a number of key clients in the East Midlands, later expanding into other areas. Fee income has grown by over 20 per cent year on year since inception and is now around £17 million.
The MANAGEMENT
The deal provided an exit for founder and majority shareholder Malcolm Wright and gives control of the business to a four-strong senior management team comprising Steve Wooler (who takes over as managing director), Colin Langford, Tim Loveridge and Greg Nicholson. The opportunity to become owners of the business was extended to a further eight members of the operational team who invested for a significant minority interest. Yorkshire Bank provided bespoke senior debt and working capital funding alongside Catapult’s equity investment.
The OPPORTUNITY
As a management team we are passionate about the business and confident that our blend of specialist services will continue to drive the group’s standing in the wider consultancy market. This deal provides us with the autonomy to pursue opportunities for further growth while allowing the retirement of founder Malcolm Wright, who has worked hard to build the business to its current size and status.
Core areas of our business include civil and structural engineering, geotechnical and environmental consultancy, flood risk and drainage engineering, traffic and transportation and highways and infrastructure consultancy. We also offer a range of additional services including regeneration and project management.
Our clients include construction company Wilson Bowden, retailer Ikea, national student accommodation provider Unite and leisure operator Luminar and the company has worked on many flagship projects including Trinity Square in Nottingham, The Fort development in Birmingham, and Harlow town centre redevelopment.
The FUNDERS' VIEW
Graham Mold, Director, Catapult Venture Managers
“It was great to be involved in a deal in which so much of the East Midlands corporate finance community were involved, especially given the short timetable against which everyone had to work together and deliver. Also very pleasing was the fact that this deal goes a long way to prove that this level of equity funding can be obtained outside London.
“This was a very significant investment for us, with the money coming from the Catapult Growth Fund, which was launched in January last year. BWB Consulting is a great business with a strong management team. The sector within which it operates has seen considerable consolidation in recent times, so it is refreshing to help an ambitious team looking to grow the business further rather than look to trade.”
It's not just about the MONEY
It’s not just about the money. Rob Carroll MD of Catapult says. “We can provide finance but almost as important is the introduction of an experienced Non-Exec Director. Non-Execs, especially if they are Chairman, can help a new MBO team firstly cope with the new changes of ownership and then prosper. We introduced Nick Townsend to the team at BWB. The chemistry between Nick and the team was excellent, which is the most important thing. Nick had very relevant experience as he had been a director at Wilson Bowden plc. Nick’s vast experience in business will help to ensure that the team do well. If they do well then we will also have a great investment.”
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