Adare Group dares to go again in £119.5m secondary MBO

  • mar. 2007

A team of seven directors have led a secondary buy-out of Adare
Group, the UK’s leading print management, mailing and
packaging solutions provider, in a deal funded by Bank of Scotland
Corporate.

The buy-out will provide an exit for private equity investors,
Allen McGuire & Co and JP Morgan, who acquired the business in
2000, and for founder and current CEO, Nelson Loane. The management
team, led by Robert Whiteside have rolled over all of their equity,
invested new cash, and will hold the majority of the equity in the
new vehicle, with Bank of Scotland taking a minority stake.

Founded in 1991, Adare has established a leading position in the
outsourced business solutions sector, serving various markets with
a focus on print management, mailing and packaging solutions. Adare
operates many of the UK’s largest print management contracts
and is leading the market with its Packaging Solutions business.
Adare’s key markets are financial services, retail and the
public sector (both central government and local authorities). The
Group also owns an extensive network of franchised businesses
through the high street superbrands, Kall Kwik and Prontaprint, the
two clear market leaders in On Demand Communications.

Adare employs in excess of 1,200 employees, across 17 locations in
the UK and Ireland, including several ‘in client’
sites. The Group’s Head Office will be relocated from Dublin
to its largest UK site near Leeds, West Yorkshire as part of the
transaction.

Robert Whiteside, the new CEO of Adare, commented:
“With the backing of Bank of Scotland, Adare can now
move forward to the next phase of its development and unlock the
significant untapped potential that lies within the
Group.”

Ben Barker, Director of Integrated Finance of Bank of Scotland
adds: “We have developed a very close relationship
with Robert and the team over recent months. This transaction will
provide operational control to Robert Whiteside and his management
team and leaves Adare well-placed to embark on an exciting new era
in its development”.

Livingstone partner, Patrick Groarke, introduced the deal to Bank
of Scotland and advised them on the deal. Patrick concluded:
“Adare represents a fantastic platform outsourced
business solution group with some outstanding brands and we are
delighted to have facilitated the deal for both Bank of Scotland
and management”.

Patrick Groarke, partner
Tel: 020 7484 4707
Email: pgroarke@livingstonepartners.co.uk


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