Midlands entrepreneur Stephen Hayward has acquired a UK-based international removals business in a multi-million pound deal originated and structured by the Birmingham corporate finance team at Mazars, the international professional services firm.
Founded in 1917, E Pearson & Sons (Teesside) Ltd employs around 100 staff and has built a longstanding reputation as one of the UK’s leading international service providers to the home moving market.
Pearson operates its international fleet from Middlesbrough where the business was founded and also runs a sales centre based in Sutton Coldfield.
Mr Hayward, previously headed Christian Salvesen plc’s largest business unit, and was MD of Palletline plc during its formative years as the UK’s first member-based palletised freight network – a business that pioneered the pallet network sector.
More recently Mr Hayward has advised and supported businesses in the logistics sector with expansion in the UK and across Europe.
Commenting on his acquisition of Pearson, Mr Hayward said “This is a great business with terrific growth potential, based on delivering outstanding service to customers, and I am proud to be the new owner of a business moving towards its centenary year in 2017 with youthful vigour!”
The deal was originated by Mazars and its Midlands corporate finance team of Nick Johnson, partner, and Gurinder Sehmi, senior manager, structured the acquisition and finance.
Mr Johnson said: “We became aware that the business was potentially for sale and introduced Stephen, a long standing contact of mine.
“Mazars provided comprehensive support to Stephen and the acquisition company. The deal required a huge amount of commitment and tenacity – from start to finish it took a shade over 12 months with many twists and turns. Pearsons has huge potential and we are very excited for Stephen and his new colleagues.”
Mazars delivered and structured the funding which was provided by Shawbrook Business Credit.
Paul Edmeades, Shawbrook’s business development director for the Midlands region, said: “Shawbrook were delighted to support Stephen in this acquisition by offering a flexible funding package consisting of asset based lending and cash flow facilities”.
“Business Credit are supporting both SMEs and mid-market corporates and we are eager to work with key business introducers across the Midlands.”
Legal advice was via Roy Botterill, partner at law firm Shakespeare Martineau.