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Michelmores has advised the shareholders of Synertec, a document management and communications business, on its sale to Restore plc, the UK’s leading provider of secure and sustainable business services for data, information, communications and assets. The Synertec management team were majority shareholders prior to the acquisition and will remain with the business.
Synertec was founded in 1999 and is a UK market leader in document solutions and processes, sending communications both electronically and physically on behalf of major public sector and commercial organisations, including around 75% of NHS Trusts. In the last year, it processed c76m physical communications (print/mail) and c52m electronic communications for its customers.
Synertec’s proprietary software platform captures data, transforms it into the required format, and delivers it to the end recipient either electronically or through the more traditional medium of print and mail. The company operates from sites in Bristol, Taunton, Milton Keynes and Warrington.
The Michelmores team advising on the deal was led by Partner Harry Trick, alongside Senior Associate Chris Cook and Solicitor Harry Jones, all from the Firm’s Corporate team. Transactional support was also provided by Cathy Bryant (Corporate Tax), Jonny Lane (Real Estate) and Tom Torkar (Technology).
Tom Baldock, Synertec Managing Director, commented:
“I am proud of what our teams have achieved over the last 25 years. We have a strong platform for growth and an exciting new phase in the company’s development to look forward to. Finding the right fit was an important consideration for us and Restore’s common values will benefit both our staff and customers”.
Craig Richmond, Synertec Finance Director, commented:
“We are really grateful for the expert guidance and support we received from the whole team at Michelmores. They provided responsive and commercial advice right from the outset, which helped ensure that the transaction ran as smoothly as possible. We look forward to working with them as we continue to grow the business and wouldn’t hesitate to recommend them to others”
Charles Skinner, CEO of Restore plc, commented:
“Synertec is a highly complementary addition to Restore and will broaden our service offering to existing customers and provide an attractive opportunity to accelerate growth, both for Synertec and the Group. We look forward to bringing the businesses together and creating value for all our stakeholders.”
Other advisors on the transaction were Isca Ventures (corporate finance advisors to the shareholders), Fieldfisher LLP (legal advisors to Restore plc) and Shoosmiths (Natwest).
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