- 24 Nov 2022
- 2 min read
Trethowans advise on Management Buy-Out of CJR Propulsion Ltd
Trethowans is pleased to have advised on the Management Buy-Out of Hampshire based CJR Propulsion Ltd.
Established in 1948; CJR is an industry leader – utilising cutting-edge technology to produce precision engineered propeller and sterngear packages used by several commercial, leisure and superyacht brands. The business has gone from strength to strength buoyed by their investment in cutting-edge technology, and this transaction arms management with the necessary toolset to drive growth within the business.
The deal team was led by a team of professional advisers: Lucy Gleisner, Partner at Trethowans; Prabin Sunar, Manager, and Michael Barcia, Director at Meridian Corporate Finance and Cathy Revis, Head of Tax and Transaction Support at Fiander Tovell.
Lucy Gleisner, Partner at Trethowans commented: “We worked closely with Meridian and Fiander Tovell again to provide a consistent team approach to conclude another successful MBO. We were delighted to assist Mark and the management team in helping the company achieve its objectives for future growth by undertaking this MBO and congratulate all involved.”
Mark Russell, Director of CJR commented: “It was clear to me that the help of a corporate finance company to sell CJR was essential. We had been talking to Meridian for a while but selling the business outright was a big step to take. Meridian advised a MAMBO, essentially a management buy-out, and it seemed the perfect solution of a staged exit from the business. Meridian’s advice and support was excellent throughout the process, it was a total pleasure dealing with them and their legal and tax partners. To the point that when the deal was completed it was somewhat sad that we wouldn’t be dealing with each other again.”
Cathy Revis, Head of Tax and Transaction Support at Fiander Tovell commented: “Mark and the CJR management team were a pleasure to work with and I wish them further success with the business. Working as part of the strong professional team with Meridian and Trethowans, we helped deliver this transaction smoothly and on time.”
Prabin Sunar, Manager at Meridian commented: “Having worked with the CJR team for several years, it was a great pleasure to deliver the MBO for them. CJR is an extremely well-known brand within the marine sector, and we wish the team the very best as they navigate the next stage of their growth.”