Bath and Birmingham based Let’s Connect IT Solutions Ltd has been bought by Personal Group Holdings Plc in a £12m sale.
Working around the clock to ensure the legal side was delivered on time was a team from Queen Square based Mogers solicitors in the city led by Tom Webb, partner and head of commercial.
The deal was originally negotiated by Mike Wilband of Bath-based accountancy firm Richardson Swift’s corporate finance arm with the complex tax issues and deal structure being pieced together and managed by its specialist tax team led by Jon Miles.
Incorporated in 2009, Let’s Connect, which is based in Laura Place, is a leader in the home technology salary sacrifice market, focusing on large enterprises in the private and public sector.
The high-growth business has grown from £1.7m in sales in 2010 to £20m in the 12 months to August 31. The Board of Personal Group is a provider of employee benefits, employee related insurance products and financial services in the UK.
Dave Cullinane and Stephen Manister, founders and Managing Directors of Lets Connect, who will remain with the company, said: “Personal Group is a forward looking company and we are hugely excited about the opportunities that this transaction brings.
“We look forward to working with the Personal Group team and are confident that the Group’s range of salary sacrifice products and other benefits will be compelling to our customers and we are similarly excited about offering our products to the Group’s existing customers.”
Mr Webb Head of Commercial at Mogers said: “We were delighted to work with Stephen and David on the sale of their company. The deal had to be completed to a very tight deadline and the team at Mogers which included colleagues from corporate, commercial property and employment worked around the clock to deliver on time.”
Mark Scanlon, CEO of Personal Group, concluded: “The Board is delighted to announce this Acquisition, which is very much in line with the Group’s stated strategy of driving organic growth, focusing on our technology and also identifying acquisitions that will enhance the Group’s offering to our clients.
