Having a safe pair of hands at your side can add real value

Tangible BenefIT was founded in 1997 and has since grown to a turnover in excess of £60m from selling and supporting IT infrastructure.

The Langricks team were fundamental in the sale of Tangible Benefit and the hands on approach from Chris was really appreciated – we could call upon him whenever we needed and he was always quick to respond – not having been through an exit before, this was really appreciated. Chris’s knowledge of the process became obvious from our initial meeting and his suggestions undoubtedly added a substantial seven figure sumto our value.

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Requirements

Having grown a business to a £60m+ turnover, with 66 employees, healthy reserves, timing was right for founder Tim Trotman to exit.

What we did

We were introduced to Tangible Benefit in July 2022, with the remit of building a financial model and assisting the shareholders through the sale process to completion on Wednesday 15th March 2023.

As part of our modelling work, we identified some key working capital levers that could be pulled in generating value from the walk from enterprise value to equity value.

We worked alongside Tim and his team all the way, supporting where necessary and taking those important phones calls at any time of day.

We assisted with trading updates, working capital calculations, due diligence questions and feeding comments into the SPA

Results

When the corporate financier, KPMG was ready to start the sale process, all of the ducks were already in a row and the data was held within a data room where any anomaly had been ironed out or was explained.

The deal took approximately six weeks to complete following exclusivity being executed. The deal value is undisclosed.

Services Provided

  • FINANCIAL MODELLING

    Set-up and monitoring financial performance across the business and setting up detailed forecasting projections and costings for growth.

  • BUSINESS PRESENTATION

    Assisted the business with presenting their results under IFRS as opposed to UK GAAP as previously reported

Benefits

Peace of mind

Our understanding of the sales process allowed any potential issues to be discovered and resolved prior to the sale / due diligence process.

Improved chance of successful sale

Through easy to access and transparent financial data.

Maximised business value

Maximised business value through presenting the data appropriately and in the best light.

Fast and efficient process

By getting all the ducks in a row beforehand.

Increased business insight

By getting to know the detail of the financials.

Planned and costed growth

Allowed for a real understanding of capital and cashflow needs.

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