Two outside buyers have taken over Atlantas Marine, a subsea inspection firm in Yeovil, as its founder retires. Novi Partners, a succession vehicle set up by Josh Neely and Ben Saward, bought the business from founder Charlie Foll. The deal completed on 2 October and was announced on 5 November. Terms were not disclosed.
01What changes at the business
Charlie Foll founded Atlantas Marine in 2000. It inspects underwater structures with remotely operated vehicles, and sells and services the equipment. Its customers include offshore wind, oil and gas, police and nuclear operators.
Neely and Saward have joined as joint managing directors. They will run the business day to day alongside the existing senior team. The company keeps its name, its Yeovil base and its full staff.
According to the company, Novi Partners is backed by institutional and private investors. It plans to invest in the fleet, the firm's own technology and its data. The release says a bank provided senior debt for the purchase.
02Why the handover matters to an outside buyer
This is a management buy-in. The buyers come from outside the business and step in to run it. They have no history with its customers.
That is why the founder is staying on for a while. Foll will introduce the new owners to customers and suppliers he has worked with for years. He remains involved until the end of December.
"I am delighted to hand over the reins to Ben and Josh," he said in the release.
A planned handover like this does two jobs. It helps keep the customers who knew the founder. It also gives a lender more comfort about buyers who are new to the business.
03What this means if you want to buy a business you have never run
Many owners approaching retirement have no family or management team ready to take over. That leaves room for outside buyers.
In our experience, lenders look harder at an outsider than at a team buying the business it already runs. They want to see relevant experience, a clear plan for the first months and a seller who will stay long enough to hand over properly. Our guide to management buy-in finance explains how these deals are usually funded.
If you are weighing up a purchase like this, talk to an acquisition finance broker early. The handover terms belong in the deal from the start, not as an afterthought.
