Corporate finance advisers at international accountancy firm Mazars have helped a Solihull software company to achieve a sale to a Stock Exchange-quoted purchaser.
Proteus Software Ltd, which is based on Solihull Parkway at Birmingham Business Park, has been acquired by Sanderson Group plc, the Coventry-based software and IT services business specialising in multi-channel retail and manufacturing markets in the UK and Ireland.
Sanderson is paying a maximum of £1,900,000 for Proteus, consisting of an initial £1.4 million and a deferred consideration of up to £500,000, depending on certain performance criteria being met in the 12 month period to December 5, 2015.
Nick Johnson and Steve Talbot of Mazars’ corporate finance team advised Proteus during a two year engagement which led to the sale.
Proteus Software Ltd, a long standing Mazars client, provides warehouse management solutions to businesses operating in the area of third party logistics, warehouse management and supply chain distribution.
The company has longstanding relationships with its key customers, including owner managed businesses and major global corporates, working closely with them to deliver business critical solutions.
In the year to September 30, 2014, Proteus achieved turnover of £1.98 million.
Mazars corporate finance partner Nick Johnson said: “Proteus Software was established in 1987 as a business application software provider and has always been at the forefront of developing software applications that control supply chain business processes.
“We identified a natural fit with Sanderson Group plc, and I am pleased that both parties have achieved a highly satisfactory result.”
Sanderson Group chairman Christopher Winn said: “Proteus is a complementary acquisition for Sanderson and the Proteus products will complement the group’s own products, services and customers within its multi-channel retail and manufacturing businesses.”
Proteus Chief Executive David Gray said: “Having made our decision to seek a buyer for the business, we considered a number of market leading advisors and eventually chose Mazars LLP, who after presentations and careful consideration we felt had the skill, experience and understanding of our business, but most importantly we could trust their advice.
“The Mazars team did a tremendous job of guiding us through the process and providing excellent buyer-seller liaison, as well as advice on the finer transaction details, including tax. Their team gave us confidence and made the process as straightforward as possible.”
Mazars advised Proteus with Greg Emms of Emms Gilmore Liberson solicitors providing legal advice. Sanderson were advised by Schofield Sweeney.