International FMCG supplier, Purston Park Limited, has been sold by its Shareholders to an Employee Ownership Trust (EOT) in a Transaction advised on by Castle Square Corporate Finance and Blacks LLP, with funding from HSBC.
Established in 2002, the company has been at the forefront of the discount market for over 20 years, offering a wide range of products across multiple categories to some of the largest retailers in the UK and Europe.
The EOT has allowed shareholder directors John Buitekant and Rupert Segal to realise value in the business, whilst retaining a minority shareholding as the Management Team embarks on its next phase of impressive growth.
John said “After 23 incredible years of building Purston Park (OTL, OTE, SOL) together, we are thrilled to announce that we have transitioned to Employee Ownership. Thanks to the team at Castle Square Corporate Finance, led by Brad Green who has been with us all the way during our sale process – I don’t think it would have been possible without him.
This marks an exciting new chapter – one that secures the future of the business while honouring the dedication and hard work of the team that helped build it.”.
Brad Green, Partner at Castle Square Corporate Finance provided advice on valuation, structuring and the fundraising process, supported throughout the transaction by Senior Executive, Josh Stokes.
Castle Square, a mid-market specialist corporate finance boutique, based in Sheffield and Leeds, has a proven track record in corporate acquisitions, disposals, management buy-ins and buy-outs, and corporate fundraisings.
Brad Green said, “We are delighted to have advised on the successful sale of Purston Park. We are confident that under its new ownership structure, led by an impressive management team and with non-executive support from John & Rupert, the Company will execute its next phase of ambitious growth plans”.
Legal advice was provided by Head of the Corporate Team at Blacks LLP Nigel Hoyle, with the support of Alex Hall & Hayley Blackburn, and tax advice was provided by Nathan Potton and Joanne Deighan from KPMG.
Hoyle said: “It’s been a pleasure to accompany John, Rowena and Rupert over the last two decades and assist with their succession plan. This transition into an EOT marks the start of an exciting new chapter for the company and all of its employees.”
Relationship Director Richard Baggaley from the HSBC South Yorkshire & Humber Corporate Banking was instrumental in delivering the funding on behalf of the bank.