BCMS advised in the sale of the Preactor Group to Siemens in 2013. Mike Novels, shareholder and MD of Preactor, first came to BCMS after receiving an unsolicited offer from an interested party.
Deciding to sell
Although the sale process was kickstarted by the approach Preactor had received, the board of directors knew that an exit strategy needed to be found. They were all nearing retirement, and needed to start thinking about the future of the business. What they needed was some advice. As Mike recalls: “[The company] gave us a valuation close to the figure we had set ourselves as a target. However, having never sold a company before, we felt we needed professional help to get the best combination of price and acquirer. We invited a number of banks and specialists to visit us to advise what they could offer and then we compared them.
“Apart from the personal ‘feel’ we got from the BCMS presentations, another factor was how payments were structured over a period of six months. The percentage of the sale fee was also competitive.”