Two directors at the software arm of a Leeds-based group of businesses have completed a management buy-in.
Fiona Hale, managing director and Leigh Ellis, technical director have successfully led the management buy-in of CoolCare. Under the terms of the deal, Hale and Ellis have acquired shareholdings from parent company LNT Group – founded by Lawrence Tomlinson.
The acquired company has been renamed CoolCare Ltd. LNT will act as investor and provide non-executive support to the management team.
Fiona Hale, CoolCare managing director, said: “Being part of the LNT Group has given CoolCare an abundance of experience from our sister companies’ operational knowledge of running care homes. CoolCare has an undeniable competitive edge when designing our software. It is an amazing product derived from decades of sector knowledge.
“CoolCare has been a small fish within the LNT pond. The MBI gives us the best of both worlds: LNT is giving Leigh and me the autonomy to run the business, but is staying on hand to offer advice when needed.
“We love CoolCare so are hugely grateful to Lawrence, and the LNT Board, for their support of the MBI.”
Lawrence Tomlinson, LNT chairman and original founder of LNT Software, added: “Fiona and Leigh have a passion for CoolCare – you see their eyes light up as they demo it and test their design ideas with you.
“The vision they have for the business is inspiring. I’ve worked with them both for many years and trust them to give CoolCare the attention it deserves to make it a real success. We are using CoolCare4 in Ideal Carehomes and it’s really revolutionising the business, helping us to reduce costs and boost occupancy.”
Stephen Moore of Cavu Corporate Finance advised on the transaction.