Penta Consulting successfully completes management buy-out
This transaction, for an undisclosed sum, has allowed founder Robert Harverson to exit the business and co-founder Richard Wilson to remain on the board in a non-executive capacity. It also provides an ownership structure that will incentivise current and future management and which will provide the platform to enable the business to meet its long term growth strategy.
The senior team comprising Jamie Sobrany, Ian Storrier, Nicky Iandoli, Peter Collins, Paul Clark and Chairman John Foley will continue to lead the business.
Founder and CEO Paul Clark said: “There was always going to come a time when the three of us would relinquish our majority shareholding so that we can pass the baton on and this deal, which is stage one in the process, has enabled us to sell our shares back to the business. Our dream was always to build a brand that created value and to share that value with those who have helped along the way.”
Penta has enjoyed a highly successful sixteen year period of growth since it was established in 1998. Since Jamie Sobrany, Managing Director, joined in 2002 he has been instrumental in developing Penta’s international market which now accounts for 85% of the business. Penta’s success overseas has been recognized with two Queen’s Awards for Enterprise – International Trade in 2006 and 2014 which is a unique achievement.
Commenting, Jamie Sobrany, said, “This will enable us to reach the next stage of our development. We will continue with our current business strategy with further organic growth identified. The business plan that has been created for the MBO, has identified a number of exciting opportunities for us to explore and we are confident that 2015 will be another great year for Penta.”