Gateley advised management on the MBO of multi-million pound Nottingham company, Morris Vermaport, for an undisclosed sum.
Based in Chilwell, and with revenues of approximately £7 million, Morris Vermaport has been involved in the design, supply, installation, commissioning and testing of new lift equipment as well as service and maintenance of all types of lifts for the UK construction market since 1979. Its sister business, Vermaport Limited, supplies a unique shopping cart conveyor which operates on the same incline as a standard escalator. The ‘Vermaport®’is typically used in a multi-floor retail environment where floor space is particularly limited.
The deal was led by Mark Rutherford, Corporate partner and Paul Simpson, Corporate senior associate. A team of East Midlands based professionals worked on the deal including Mazars. Santander provided the funding.
Mark Rutherford said: “The completion of this deal is a very positive step and it has been a real pleasure working with everyone involved. I’m sure that in these collective hands the Morris Vermaport business will thrive.”