Saffery advises on Deal of the Year as LDC’s investment in i247 Group wins Deal of the Year (£10m – £50m) at South Coast Deals Awards
Saffery has been recognised for its role in one of the region’s standout transactions of the year, after LDC’s investment in Poole-based fleet management business i247 Group was named Deal of the Year (£10m–£50m) at the South Coast Deals Awards, held last night in Southampton.
The £24.5m deal saw leading private equity investor LDC (Lloyds Development Capital) take a stake in i247, a technology-led fleet management business serving leasing companies, which employs around 270 people and manages more than one million vehicles. The transaction allowed founder John Mason to exit the business he built over more than two decades, while enabling CEO Sam Mason to remain at the helm and accelerate the company’s growth with LDC’s backing.
Saffery advised the Mason family and i247’s shareholders throughout the process, providing personal tax advice to the family, vendor transaction support as part of LDC’s due diligence, and SPA advisory services. The firm’s transactions tax team also led a complex pre-transaction restructuring, securing the necessary tax clearances while maintaining momentum across a multi-party deal.
The win caps a 22-year relationship between Saffery and the Mason family, and reflects the strength of the firm’s relatively newly formed South Coast Transaction Services team.
The Saffery team was led by Mark Kilbey (Advisory), supported by Richard Meller (Transactions Tax) and Hemal Pandit (Transaction Services). Saffery worked alongside legal advisers Trethowans on the sell side. For LDC, the transaction was led by Jacob Leone and Ana-Maria Garaba ,with support from Grant Thornton (corporate finance), Shoosmiths (legal), CIL Strategy Consultants (commercial due diligence), RSM (financial due diligence), EY (tax), Panamoure (technology due diligence), Customer Contact Panel (operational due diligence), AON (insurance) and FSP (cyber). The Saffery team worked closely with Partner, Casidhe Baleri, who leads the Group’s wider relationship with Saffery and delivers ongoing compliance services.
John Mason, Founder of i247, said, “There is no part of Saffery’s support that we haven’t accessed to get this PE transaction over the line. I will make a particular mention of Mark Kilbey, who has been a rock… This guy and everyone at Saffery have been superstars. Long may our relationships continue.”
Sam Mason, CEO of i247, added, “Our partnership with LDC gives us the firepower to accelerate growth while continuing to focus on the exceptional service and innovation that has helped us to achieve our success so far. We’re now well positioned to continue pursuing our goals, both at home and around the world.”
Hemal Pandit, Transaction Services, Saffery, said, “Huge congratulations to the whole team for the work that went into this deal; it was a genuine team effort across advisory, transactions tax and transaction services to get it over the line. It was also a pleasure to be part of such strong deal team, working closely with Trethowans as well as LDC and their advisors whose collaboration was key to a smooth completion. I’d also like to thank the i247 Group and the Mason family for their loyalty and trust in Saffery over so many years; it’s been a privilege to support them right through to this milestone.”
For more information, contact Hemal Pandit, on 07576 171140 or hemal.pandit@saffery.com.