Pedal Revolution MBO the wheel deal for Howes Percival
Howes Percival has advised the management team of Pedal Revolution on a buyout from the company's owners.
With stores in Norwich and Gorleston, Pedal Revolution is one of East Anglia's most prominent independent bicycle retailers. The company also provides bike fit services and workshop and repair services.
Led by Partner, Oliver Pritchard (supported by Richard Turner and Helaina Mann) Howes Percival advised the four-strong management team on the acquisition from Pedal Revolution's owners who have operated the independent business for nearly 25 years.
Howes Percival prepared and negotiated all the legal documentation and oversaw the transaction from start to finish. Lovewell Blake provided corporate finance and tax advice to the parties.
Oliver Pritchard said: “Pedal Revolution is a very well-regarded business in the local market and the wider East Anglia region. With several keen cyclists in the firm we were delighted to have been able to support this local business on the transaction.
“It is heartening to see the business staying independent and putting in place a succession plan to pass ownership on to the next generation.
“Corporate deal activity levels remained extremely buoyant throughout last year, and this looks set to continue. The team is currently working on a large number of transactions across a range of business sectors.”
Howes Percival recently expanded its corporate, commercial, and banking (CCB) team with the recruitment of Tom Redman as Director. A corporate and venture capital specialist, Redman joins Howes Percival's growing, 32-strong CCB team from Dentons UK and Middle East LLP and will be based in the firm's Milton Keynes office.
His venture capital work has seen him act for founders, start-ups, scale-ups and venture funds both in the UK and internationally across a myriad of sectors and at all stages of an emerging growth company's development life cycle.
• Picture: (L to R) Gareth Edwards (Seller), Richard Turner (Howes Percival), Ben Turner (MBO Team), Oliver Pritchard (Howes Percival), Kate Warner (MBO Team), Matt Watts (MBO Team), Helaina Mann (Howes Percival), Neil Turner (Seller). The photographer and the copyright owners are Howes Percival.