Two Connection Capital deals in quick succession

We have advised Connection Capital and its investor clients on two deals in quick succession; the Management Buyout (MBO) of Torquay Leisure Hotels Ltd and the MBO of managed print services company, Mode Print Solutions.

The MBO of Torquay Leisure Hotels Ltd

We recently advised Connection Capital and its investor clients on the MBO of Torquay Leisure Hotels Ltd, led by the hotel group’s managing director, Jason Garside. Connection Capital provided an innovative Structured Debt facility alongside funding from Santander.

The deal saw the sale of the hotel group to a newly incorporated company comprising original owner, Laurence Murrell, the existing management team and Connection Capital’s investor clients.

Laurence Murrell will retain equity in the business but will be stepping back from day to day running of the business as he retires.

Our team, led by Corporate partner, Tom Rush, included, solicitor Niall McCooey (Corporate), partner Andrew Madden and trainee solicitor Jamie Gillespie (Banking & Finance), legal director Chris Cheatle and associate Tim Swallow (Real Estate), associate Jodie Clarke and solicitor Keeley Baker (Employment), partner Michael Collins and solicitor Paul Wild (Pensions) and solicitor Jo Symes (Tax).

Tom Rush commented: “The new management team has a wealth of experience and knowledge in the sector and this deal gives them the leverage to continue to grow on their success in the coming years.”

The MBO of Mode Print Solutions

Following the Torquay Leisure Hotels Ltd deal, we advised Connection Capital on its acquisition and investment in Mode Print Solutions Holdings Limited (and its group companies) from founder David Davis, sales director Michael Davis and CEO Robert Clarke.

The management team, led by Robert Clarke, will now be supported by an experienced non-executive chairman, Richard Cottrell, who is an existing investor client of Connection Capital.

Our team, led by Corporate partner Tom Durrant, included, senior associate Victoria Elliott, solicitor Matthew Flint and solicitor Zum Mohammed (Corporate), partner Patrick Long, solicitor Nikul Kad, and trainee solicitor Jamie Gillespie (Banking & Finance), legal director Clive Day and solicitor Helen Webster (Employment), associate Tim Swallow and associate Shazan Miah (Real Estate) and solicitor David Williams (Tax), as well as support from the Regulatory, Pensions and Commerce Technology & Media teams.

Tom Durrant commented: “With the backing of Connection Capital and the support of Richard Cottrell as non-executive director, Mode Print Solutions will be able to develop significantly over the next few years. I wish them every success for the future.”

We have acted for Connection since 2009 and have advised on seven new investments this year.