Management Buy-Out of Davenham Group for Ј60 million

The Bermuda based Bank of NT Butterfield & Son have made Ј60 million from an MBO of the Manchester based Davenport Group. The successful management team of four is headed by Colin Davenport. The rest of the team consists of Mike Hamlyn and Steve Marsh (who have both been with the company since 1991) and Ray Wise, one of the founders of Euro Sales Finance. This is the second time that Colin Davenport and Mike Hamlyn have led a successful MBO for Davenham. The company was bought by them from Burns Anderson Group in 1991, before being sold to Butterfield in 1996. The principal advisors to the Davenham’s management team were the Corporate Finance team of Ford Campbell who formulated a funding structure which combined five banks and two venture capital/mezzanine providers. The management team were advised by the law firm Berg & Co. Dunedin Capital Partners (based in Edinburgh) and Indigo Capital (based in London) have provided the mezzanine and equity funding for...