Leading UK law firm, Burges Salmon, and leading provider of accounting and business services, Baker Tilly, have advised management in connection with the buyout of Stage Electrics from the estate of David Whitehead.

Stage Electrics, a specialist installer, systems integrator, reseller and rental business offering a wide range of equipment and services tailored to meet the needs of theatres, education and live performance venues, was originally started in 1979. It is now a £30 million turnover operation regularly working at the highest levels within entertainment, with over 225 staff, ten sales offices and operating hubs in London, Bristol, Tyneside and Dubai.

The management buyout, which was fully supported by David Whitehead prior to his stepping down from the role of managing director in May 2012, positions Stage Electrics for future growth and security. The new shareholders led by Dan Aldridge (managing director) and Trevor Smallwood (chairman) combine considerable business experience with a strong knowledge of the entertainment technology industry.

Bank funding was provided by Barclays.

Dan Aldridge commented “Stage Electrics is in a solid position; we have an order book that is in growth, an experienced team and a strong operation. With a business plan for growth and clearly identified market opportunities there is a strong future ahead of us. As we enter our next phase of growth I am determined to ensure that Stage Electrics retains the integrity and brand values that it is known for.”

The Burges Salmon team was led by corporate finance partner Mark Shepherd who said: “We are delighted to have been able to support Dan and the team in seeing this transaction through to a successful conclusion. Having worked with Stage Electrics for many years we look forward to watching the business develop still further during this next exciting phase of growth."

Ian Wherry, corporate finance partner at Baker Tilly commented: “The Stage Electrics management buyout is a good example of the ability of the corporate finance community in Bristol to deliver sensibly structured deals, which meet the requirements of both vendors and buyers.”

Howard Noye, Barclays relationship director, South West Large Corporate added: “Stage Electrics is an impressive and ambitious business with a good quality management team and a strong aspiration for growth. The arrangement of this new facility is testament to the continuing availability of debt funding to good quality corporates and the ability of the local market to deliver such financial arrangements.”

Key members of the Burges Salmon team included Adam Love (Corporate), Richard Leeming and Alistair Rattray (Banking).

Key members of the Baker Tilly team included Ian Wherry, Nick Harber and Clodagh Muggeridge.

Other advisers on the transaction included Roxburgh Milkins (Seller legals) and Bond Dickinson (Barclays legals).

http://www.burges-salmon.com/Practices/corporate/private_equity/News/10…