Our Work
Strategic Advice
These case studies represent just a small selection of the projects we have worked on, but we hope will give you an idea of the breadth of our experience.
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Case study: A-Gas
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- Series of MBO’s supporting the growth of A-Gas from a c£5m business to a £300m plus business
- Speciality Chemicals Sector
- Initially negotiated the buy-back of c50% ownership from overseas entrepreneur and negotiated the deal with 3i, the leading mid-market UK private equity firm at the time. Subsequently advised the founder and his management team in the subsequent MBO’s/refinancing with Growth Capital and then LDC. The business is currently backed by the global private equity firm, KKR, and Adrian continues to work on transactions with the A-Gas management team
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Caldey’s objective is work with clients as they grow and Adrian Dray has seen many of his clients achieve amazing growth. Adrian worked with the founder of A-Gas, John Rutley and his Board on the initial buy out of his partner for a small £m price in 2001, through 3 subsequent buyouts and the eventual sale of the business for John’s retirement.
“Adrian was my advisor when A-Gas was a small business and I needed to buy out my business partner. He did a great deal with my first private equity partner and became mine and my fellow A-Gas shareholders’ trusted advisor as we grew the business from those humble beginnings to the global business that was sold to KKR at the point of my retirement. His commitment and determination to ensure that we achieved great deals from all our equity partners made a real difference to us all”
John Rutley – Founder and CEO of A-Gas
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Highlights from other work related to Strategic Advice:
- Over a two-year period, Adrian advised firstly LDC on their investment into Apollo and then the Board of Apollo with respect to the preparation of the business for sale. When the decision was made to sell, Adrian led the team through to exit
- Building Services Sector
- Adrian and his team delivered a sale a more than 2.6x the price invested only 18 months after the investment
- Advised the Executive Board of Vivid over a ten-year period. Our roles included the MBO, disposal advice, acquisitions, refinancing and advice to the management team on their final exit from the business
- Consumer Products Sector
- Vivid operational management received a good return on their investment following the refinancing of the business
- Advised the four shareholders in planning for the eventual sale of their business
- Professional Services Sector
- Ensured the business was fully prepared for sale when there was a window of time when two key potential buyers had specific key rationales to acquire BBS. This delivered a tightly controlled process that delivered a premium price to all the shareholders
- Advised the Board of the 5th Generation family business on the sale firstly of the Department Store and subsequently of its other business assets being the Funerals business and removals company
- Consumer and Consumer Services
- Over a two year period Adrian and Janine firstly sold the Department Store for a premium price. Janine then evaluated the remaining businesses and the requirements of the shareholders. Janine transformed the businesses to a more efficient operating businesses enhancing profitability. However, it was clear that the most appropriate option was to sell these two business. Adrian sourced buyers that delivered strong prices and cash consideration. After the sale, Adrian and Janine continued to advise the Board on a buyback of the defined pension scheme which would then allow the consideration from the sales to be distributed to the shareholders
- Advised the two major shareholders, Graeme Simpson and David Simpson in preparing the business for eventual sale
- House Building Sector
- Working alongside Rothschild’s delivered a premium price for Graeme and a reinvestment package for David and the senior management team when Countryside acquired. Countryside floated a couple of years later allowing David the potential to sell or hold their shares in Countryside at a meaningful enhancement
- Sale of entrepreneur owned business
- IT Services Sector (predominantly to the Telecoms Industry)
- Negotiated a deal that enabled the shareholders seeking to retire to release capital consideration out of the deal
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