Hire outfit Presteigne has announced the completion of a management buyout.
The MBO, led by Presteigne ceo Mike Ransome, has been supported by NVM Private Equity LLP. The deal will enable Ransome and his team to regain control of the business after being part of Avesco Group since shortly after Presteigne’s inception in 1991.
The deal also puts in place a “substantial” investment programme designed to “firmly establish Presteigne as the industry’s largest mainstream broadcast hire company.”
Presteigne’s Ransome said: “Broadcast, or what used to be called broadcast, is changing – and moving – fast. This buyout returns to us total control over how we plan for, invest in, and – most importantly – respond to our rapidly growing clientele, and their rapidly evolving requirements, worldwide.”
David Rolfe, Investment Partner of NVM Private Equity, said: “Presteigne has a strong platform for growth and NVM is delighted to be able to support Mike and his team with the necessary resources to expand the business as an independent company. Presteigne has a strong client base, quality leadership, and operates across different geographies, sectors and specialist areas of the broadcasting industry. We are looking forward to working with the team on this next exciting chapter and warmly welcome Presteigne to our portfolio of dynamic brands.”
A number of executive-level appointments related to the MBO will be announced by Presteigne as they occur.