The ‘top tier’ Company & Commercial team at Steele Raymond has advised the Drewitt Group on the management buyout (MBO) of its electrical business, Drewlec.
Drewlec Ltd was formed in 1964 when it became part of the wider Drewitt Group which can date its history back to 1877 through six generations of the Drewitt family.
The management buyout saw the purchase by Mr Hand of all the shares in Drewlec and the creation of the company as a separate entity from the Drewitt Group, which remains in the control of siblings Richard and Gillian Drewitt who have led the firm for over 30 years.
Richard Drewitt, Director at the Drewitt Group said:
“As with any family-run business, succession planning starts almost as soon as the new generation takes over from the last.
“It became clear that the right decision for the future success of Drewlec was to look outside of the Drewitt family, handing over the firm to someone who understands and represents the strong family values established over the years.
“Nick began his career at Drewlec as a trainee contracts manager in 2011 and has progressed through the ranks of the firm.
“The inevitable career progression for him was to lead the firm, and we are delighted to be able to hand Drewlec to someone who has been so integral to the company’s recent success.”
The MBO was led by Partner and head of the Company and Commercial team at Steele Raymond Tim Stone who specialises in business mergers and acquisitions and is noted in the 2021 Legal 500 a ‘Leading Individual’ across the region.
Speaking about the MBO process, Tim said:
“We have enjoyed a fantastic working relationship with Richard and Gillian for many years so were well positioned to be able to advise on the management buyout of Drewlec Ltd. We have decades of experience in handling similar transactions and were able to use this experience to help Richard and Gillian proactively and efficiently manage all of the complex commercial, property and other legal issues associated with the MBO.
“We are delighted that Richard and Gillian have achieved their aim to pass the reigns over to Nick and wish Nick and the team at Drewlec every continued success for the future.”
Speaking on his experience working with Steele Raymond Richard said:
“Having worked with Tim and the team at Steele Raymond for many years, the benefit of having a team that know your business inside-out is invaluable. The professionalism in which the management buyout has been undertaken was impeccable, benefitted us greatly and we are delighted with the outcome for all parties.”
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