Meade King advises on CL Electrical Controls MBO
Bristol-based commercial law firm Meade King has advised on the management buyout (MBO) of a manufacturer of telecoms equipment and industrial control systems.
CL Electrical Controls, based in Winterbourne near Bristol, manufactures mobile telecommunications equipment and systems that control and monitor heating and ventilation in hospitals, schools and retail buildings across the UK.
Founded in 1976, the firm’s clients range from local education authorities to multi-national companies and include the mobile communications giant BT and Keynsham-based internet service provider Truespeed.
The business has been acquired by directors Steve Thompson and Dave Holder with legal advice from Meade King’s managing partner James Hawkins, who heads the law firm’s company and commercial team.
Steve Thompson said: “James helped us all the way through the process, from advice on valuing the business and drafting heads of terms to assisting with negotiations and dealing with the bank and accountants. It was good to have him on our side, especially during the final stages to ensure things ran smoothly. James made everything easy to understand and was very quick to respond to our questions.”
Steve and Dave have ambitious growth plans for CL Electrical Controls and plan to move to larger premises at the Beaufort Trade Park in nearby Pucklechurch which will increase their total floor space from 4,500sq ft to 8,300sq ft.
CL Electrical Controls is currently working with US technology company Parallel Wireless to develop new telecoms products that will improve rural broadband coverage. CL’s research facilities include a special thermal test chamber for carrying out environmental testing on its telecoms equipment cabinets and power distribution systems.
Steve Thompson added: “This is an integral part of the research, design and development process and allows us to simulate ambient temperatures up to +40°C and down to -15°C. We can also adjust the humidity levels so that realistic conditions can be created.
“This is then used to adjust designs to improve airflow to keep the internal equipment within the recommended operating temperature range, while minimising the energy consumption so that the equipment cabinets are running at their most efficient and saving our clients money on their energy bills.”
James Hawkins from Meade King said: “We’re delighted to have helped Steve and Dave take over the reins of this long-established business which is at the forefront of the broadband rollout. This is an exciting time for the business and we wish them every success with their future growth plans.”