New NVM Investment
1 March 2022
NVM Completes £24 million MBO
NVM has backed the specialist electronics business, Easby Group (“Easby Group”) that comprises Easby Electronics Limited and Delta Impact Limited in a management buyout (“MBO”) worth £24 million.
Easby Group, which has offices and warehouses in Richmond, North Yorkshire, Newbury and Thatcham Berkshire, is a UK Franchised distributor and stockist of electronic components and a service provider in the electronics supply chain.
The Easby Group has worked with OEMs for more than 40 years to understand complex product roadmaps and assist them with product selection and design for the demand they are witnessing in the market. This client-first approach has resulted in the company being at the forefront of development in rapid growth sectors such as EV charging solutions, EV related products, smart energy, IoT, building management solutions and 5G, resulting in significant double digit growth over the last three years.
In light of the firm’s continued growth, Easby Group is actively recruiting for roles at senior management level, as well as sales and field applications engineers. In response to today’s announcement a number of new jobs will also now be created at the firm’s head office in Richmond and in Newbury.
The MBO, which sees four of the Easby Group’s senior executives, Nigel Copely, Gregor Ross, Phil Clarke and Eamon Francis become shareholders, is NVM’s tenth deal from its Vintage III LP Fund, and follows a £15m investment into Edit announced in November 2021.
Upon completion of the investment Jonathan Simpson-Dent will be joining the Easby Group Board as Chair. Jonathan is an experienced leader of private equity backed B2B services businesses and currently chairs Carousel Danx Logistics, sits on the board of Edinburgh Worldwide Investment Trust plc and is a Fellow of the Institute of Chartered Accountants.
Nigel Copely, CEO at Easby Group said; “This is a major milestone in our journey, one that will bring additional strengths to both Easby Electronics and Delta Impact. Our growth has come from our determination to deliver a strong, technology led portfolio of franchises and services along with strong service solutions while focusing on core markets and verticals that we can bring to our established and ever-growing customer base. This deal reflects our successful engagement with both our customers and suppliers and the faultless support, drive and focus of all our Easby Group colleagues.”
Jonathan Simpson-Dent, Chair at Easby Group said; “Easby and Delta Impact have both built strong positions in the rapidly evolving electronic component and supply chain market. NVM will be an excellent investment partner for the next stage of the journey and I am delighted to be joining the Easby Board to support Nigel and the leadership team to continue their impressive growth track record”.
The investment was led for NVM by Mauro Biagioni, Investment Partner and Oliver Wildig, Investment Manager. Mauro Biagioni said; “Easby is a fantastic regional business operating in a sizable market
estimated to be worth just under £2billion. We are hugely confident that Nigel and the team will be able to grow their market share as a result of today’s investment. The quality of relationships that the team has held with customers spans several decades and now with the right investment behind them we look forward to accelerating this growth.”
Advisors on the deal were
Legals – Womble Bond Dickinson – Ben Butler, Oliver Rickett & James Cook
Financial Due Diligence – Crowe – Bob Alsop, Edward Elliot & Ben Allday
Commercial Due Diligence – Graph Strategy – James Tetherton & Phil Craig
Debt Advisory – Sooner Advisory – Nigel Birkett
Management Due Diligence – Continuum – Steve Wycherley
Insurance – Lockton – Kevin Stout
Tax Structuring – PwC – Stuart Stalker, Liam Armstrong & Lewis Bloomfield
Human Capital – Blair West – David Blair & Chris Marshall.