Penningtons Manches' corporate team advises on management buyout of Total Rail Solutions

Posted: 19/12/2018

The corporate team at Penningtons Manches has advised Paul Bateman and Luke Hersee on the management buyout of Total Rail Solutions, backed by private equity firm Rutland Partners LLP.

Total Rail Solutions was established in 2007 and has become a leading on-track plant hire and plant operations scheme provider to the rail industry. The company works closely with Network Rail and its principal contractors to support the construction, maintenance and repair of railways and has invested significantly in new equipment in recent years. Total Rail Solutions will be led by Paul Bateman, chief executive officer, Luke Hersee, operations director and the rest of the current senior management team. Founders Martin Mould and Julie Caldwell will leave as part of the management buyout.

Penningtons Manches corporate partner Charles Brooks, who led the team, commented: "It’s been great working with Paul and Luke on such a high profile transaction within the rail industry. We wish them every success as they continue to develop the business over the coming years."

Charles was supported by corporate senior associate Liz Gillingham and employment specialist Katie Glendinning.

Paul Bateman, CEO commented: “Total Rail Solutions is on a new journey of growth and investment. We are excited and pleased that this will continue under our new ownership, we have plans to take advantage of the growing opportunities across the rail network infrastructure, as well as supporting CP6 (Network Rail’s next five-year funding period). We are excited to have an investor on board to support our ambitious plans for further growth.”

The management team at Total Rail Solutions were advised by the corporate finance team at Quantuma. The advisers in the deal acting for Rutland Partners LLP were DC Advisory (corporate finance), FRP Advisory (debt advisory), Deloitte (finance and tax), Eversheds Sutherland (legal), CIL (commercial), PwC (tax structuring) and Sanderson Weatherall (fleet valuation).

This deal is the latest in a series of high profile corporate transactions undertaken by Penningtons Manches' corporate team. Following 140 deal completions in 2017 with an aggregate value of £1.5 billion, the team continues to build on this strong performance in 2018. 

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