Benchmark International Advises on the Deal Between Total Resources UK and Mercia Fund Managers
Founded five years ago after Managing Director, Les Thompson, acquired the assets of Lincolnshire-
A rapidly growing business, Total Resources was the winner of the fastest growing small business award at the annual Fastest 50 event at the end of 2018. Turnover has soared on a local level due to work at major concerts for Rihanna, Take That, and Bruce Springsteen, and the forthcoming Spice Girls tour, all at Sunderland's Stadium of Light.
Mercia, provider of both equity and debt finance to small businesses based in the UK, will now allow Total Resources to expand throughout the UK.
The £8m deal for Total Resources has been a syndicated investment across three different funds bringing its venture, debt and growth investment teams together in a single transaction.
Following the acquisition, one of the businesses founders, John Smart, will exit the business, while Les Thompson will remain as Managing Director to assist in the firm's growth plans, including the planned expansion of the existing depot network across the UK.
Mr Thompson said: "The Mercia Fund Managers buyout is the largest transaction they have ever done - that's not bad for a small business from the North East.
We will grow and take on more staff as we grow. Hopefully we will open four or five more depots in the next 12 to 18 months, and we're targeting Wales and the South West. All in all, that could create as many as 100 jobs."
Nick Hulme, Managing Director at Benchmark International, commented: "We are delighted to have led the sale of Total Resources and wish our clients all the very best in the exciting journey ahead".
The sellers were also advised by Freeman Fisher LLP as their lawyer.
On behalf of everyone at Benchmark International, we would like to wish both parties every success for the future.
Page Updated Last on: May 10, 2019