Ward Hadaway advised the MBI team as well, while Womble Bond Dickinson supported Enact and Tax Advisory Partnership advised the seller.
SEA Transport, a family-owned maritime transport and port services business, provides services for the maritime container sector. The company’s operational footprint has increased to 100,000 square feet since its inception in 2000. 800 sq. ft. and an additional 82,000 sq. ft. bonded warehouse at Felixstowe port, Suffolk.
The acquisition will keep the SEA Transport founders intact while supporting additional growth at Felixstowe. It will also allow the firm to expand its business model to other UK ports through controlled expansion.
“We are thrilled to acquire SEA”. Enact’s investment director Felix Connolly said that Enact was looking forward to supporting the founding family members and the MBI team to deliver further growth and development of the SEA brand. “We look forward to supporting the founding families and MBI team in order to deliver further growth, development and support for the SEA brand.”
Gavin Jones, GJC Advisory:
We would love to hear more about the transaction, and the expertise GJC Advisory brought into the MBI advisory process.
SEA Transport was founded by its founders and has since grown to provide exceptional customer service. They have worked hard to establish a good reputation for the company and have an amazing customer base that is centered around their exceptional customer service.
Early in the process, it was clear that vendors had a clear expectation of value and that transaction certainty was very important to them. We made it a priority to listen to our clients and ensure they get the right deal at the right moment. We wanted to give them the best deal possible because it was such an amazing business. Many advisors can help push through an MBI, but we wanted to preserve the business’ reputation and maintain high levels of customer service after purchase.
What are the most important considerations when you advise on acquisitions in this capacity?
It is crucial to communicate with clients and work closely with them. It is essential to work with an advisor who is familiar with the market, and is open about client expectations and values. These findings are used to create and articulate a buy-in plan that will generate funder confidence and interest. We can negotiate the best terms for the management group by presenting a solid MBI Plan to the right funders. This will give you the best chance to make the transition to company ownership.
Our expertise includes equity financing, debt financing, and everything in-between. Our experience is extensive and we have helped many businesses in all kinds of situations. This means that we are able to meet the client’s needs. Advisors may not have the necessary knowledge or be able to offer the right funding options. This can lead to vendors being stuck in situations that are not the best for their business and the future of their company.
Our expertise includes equity financing, debt financing, and everything in-between.
How did Ward Hadaway and other firms get along with you to achieve a positive outcome?
We are an energetic advisor. We were able to get along with all of the firms involved in this transaction. Good communication and persistence are essential. I believe the speed with which the deal was completed is testament to the strong relationships built with the advisory staff. It was important to keep in touch with each other and the client. Being there for one another when it got heated helped a lot. GJC calls it the “secret sauce” – strong financials, governance, and detailed growth plans combined with the right advisors is gold dust.