Penningtons Manches’ corporate team has acted for the founding shareholders of Kelerbay Limited (Doree Bonner International), Geoff Watson and Gordon Lyall, on the sale of the company to private equity company A2E Industries Limited, owned by Amin Amiri. A2E is a conglomerate of controlled companies with an annual turnover of £140 million.
The deal included a continued share stake and roles as joint chief executives for Geoff and Gordon in the new entity set up by A2E. Day to day operations will now be handled by a newly recruited experienced managing director, Jason Herbert. It is intended that Doree Bonner will continue to grow organically and by acquisition.
Head of London corporate Matt Martin led the multi-disciplinary team, working with associates Elisa De Carolis and Katarina Hrabovska, and supported by Fiona Rodgers (commercial), Tom Walker (employment) and Alison Lewis (real estate).
Matt has worked with Geoff and Gordon since helping them make their first of many acquisitions in 1994. He said: “It has been great to be involved in their journey from the start. This opportunity has allowed them to realise a good return for years of hard work and provide an opportunity to continue to build the business through hunting down and overseeing future acquisitions. They are two great guys and I look forward to continuing to work with them on the acquisition trail going forward.”
Geoff Watson commented: “Matt Martin has been an integral part of our history and we wouldn’t use anyone else. He has always understood our business, how we think and what we need. He has helped us through some very tricky acquisitions and delivered again when we needed him on our sale. I am looking forward to working with him in the future.”