Kay Johnson Gee LLP (KJG), a member of The Corporate Finance Network based in Manchester has successfully advised Parkcloud on its £4m Management Buy-Out backed by Mercia Private Equity.Parkcloud is an online parking reservation business based in the North West. The business enables users to book a parking space in advance of travelling to a variety of places such as airports, train stations, ports and events.
KJG were approached by Parkcloud when the existing shareholders wanted to evaluate exit options. Steven Lindsay, Corporate Finance Partner at KJG, led the deal and began by exploring all available options for the vendors. It was decided that due to the willingness of one shareholder to remain with the business, an MBO backed by private equity was the best way forward for Parkcloud.
Steven Lindsay and the KJG Corporate Finance team advised on various aspects of the deal including the deal structure for exiting shareholders and the new formation under private equity ownership.
Brabners LLP provided legal support for the transaction.
The result was a successful MBO in which two shareholders were able to cash out and one remaining to drive the business forward with the backing of Mercia Private Equity.