Paramount Office Interiors Ltd, one of the UK’s leading workplace design, fit out and furniture specialists has announced that the business has been acquired by its Management Team in a deal orchestrated by lead advisors Verde Corporate Finance and Greenaway Scott.
The transaction was backed with funding from ABN AMRO Commercial Finance and also follow-in investment from GS Ventures.
Award-winning Paramount Interiors, whose client list includes the Office for National Statistics, ITV, GoCompare, S4C, KPMG, The Royal Mint and the Welsh Rugby Union amongst others, is now aiming to build on the company’s success and explore future expansion plans and new markets.
Managing Director Richard Jones led the management team on the buy-out, having been appointed as MD at the end of 2017 with a vision of ensuring Paramount Interiors fulfils its potential by continuing to achieve year on year growth.
Previous owner Nigel Roberts will remain involved as the non-executive Chairman of Paramount Interiors in addition to his role as Director of Cardiff Parkway Developments Ltd, which earlier this year received the green-light from the Department of Transport for the development of a new business park and railway station at St Mellons in Cardiff.
The deal was put together by Verde Corporate Finance (finance) and Greenaway Scott (legal). Both advisory businesses are part of the multi-discipline Greenaway Scott Group which also includes GS Ventures who provided follow-in equity investment for the management buyout.
Greenaway Scott Group is the only multi-discipline professional services group in Wales that operates with a law firm and corporate finance lead advisory business within the same office and acting as one team. This multi-discipline approach enables it to provide a full service on transactions covering both the financial and legal elements as a combined and consistent approach.
Managing Director Mr Jones said: “I am very excited about what the future will hold for Paramount, myself and the Management Team as a result of the MBO. We have an exceptional team of people, strengthened by our recent investment in new young talent within our Sales and Design teams, who take a huge amount of pride in working together with our clients to ensure we achieve the highest possible standards.
“The MBO allows us to invest further in our people, our facilities and the service that we provide to our clients to ensure that we continue to be one of the best in our field.
“The support and advice that both Verde Corporate Finance and Greenway Scott have provided throughout the MBO process has been outstanding and I would personally like to thank all involved.”
On the successful MBO of the industry-leading interiors firm, Verde Corporate Finance director Craig Blackmore said it was a “privilege” to assist Richard and his team.
He said: “Paramount Interiors has developed a UK-wide reputation for creating innovative workspaces that transform businesses, so we were delighted to be able to support them as they embark on the next phase of their journey.
“Just like Paramount’s interiors projects, the MBO was well-planned and executed smoothly and efficiently, and will no doubt enable Richard and his team to build on the fantastic work that Paramount Interiors is renowned for. It was a privilege to work alongside them and we wish them every success.”
He went on to say: “We would also like to put on record our huge thanks to ABN Amro, who have worked swiftly, flexibly and with huge desire to make the project a success. ABN Amro are a great example of what we look for in a funding partner on this type of project.”
Kelvin Thomas, Director, Wales & West Deal Team at ABN AMRO said: “It was a pleasure to work with such a committed management team with a clear strategic vision for moving the business forward. Equally, we were pleased to play our part in such a collaborative team of experts – all of whom put Paramount’s needs at the heart of our delivery.”
Nigel Greenaway, director of Greenaway Scott, echoed Mr Blackmore’s sentiments.
He said: “We were delighted to assist Richard and the Management Team at Paramount, and also have shown our belief in the exciting future of the business by making a follow-in equity investment via GS Ventures into Paramount as part of the management buyout process.”