Greencorn provide full IT management services to SMEs. Andrew Loftus, owner of Greencorn, grew the business effectively and was looking to sell.
Avondale targeted acquirers offering close synergies who could benefit from the acquisition and would therefore offer a higher price. A considerable amount of interest was generated and after thorough vetting, four meetings were held resulting in three suitable offers.
Shift F7 Group, the ultimate purchaser, offer a range of IT services for businesses. They have a history of acquiring non competing IT related businesses.
With Avondale’s assistance, the Heads of Terms were agreed quickly, with completion within two months. The deal was a majority of cash on completion with a deferred performance related payment. Andrew will be taking the role of technical consultant while working with the new directors at Shift F7 to ensure a smooth handover.
"Avondale drove the deal from the start of sale, through to a very happy completion. Their expertise and advice ensured we moved through the sale quickly and smoothly.” Andrew Loftus, director, Greencorn Ltd