The MBO team of Shaun Davey (CEO), John Davey (Operations Director), Jim Thomas (Operations Director) and Jon Carter (FD) acquired the business supported by finance from Barclays Bank in Bristol. Co-founders Mike Johnson and Clive Jones, who formed the business in 1979, will remain active in the company and take on the role of Chairman and Non-Executive director respectively.
Speaking of the MBO, Shaun Davey said: "We are delighted to have concluded this deal. We intend to drive the business forward and ensure that IPL achieves its full potential in our fast-changing markets. The MBO comes at a time when business prospects are very positive and there is a clear appetite amongst our customer base for IPL's exceptional capabilities."
The deal was concluded with the assistance of a number of advisors including Ernst and Young, Osborne Clarke, Moore Stephens, Burges Salmon, and Roxburgh Milkins.
