Four Euler Directors have bought out the founders of Euler to take a 77.8% majority ownership. The four directors who capitalised on this opportunity are –
- CEO Rob Jones;
- Operations Director Tracey Barker;
- Director of Technical Solutions Nick Kelly, and;
- Director of Consulting Paresh Patel.
Meanwhile, the founders Ian and Anita Johnstone retain a minority shareholding. Accordingly, the founders maintain seats on the board and act in an advisory capacity.
As a result of the acquisition, the new owners are led by Rob Jones who retains his position as CEO. Accordingly, they intend to continue to grow the business by 20% year-on-year. In short, they have a target of reaching £10million turnover by 2025.
Moreover, the value of data aims to grow exponentially, plus recent government statistics estimate data-driven technologies will have contributed to over £60 billion per year to the UK economy by 2020. Accordingly, the team’s focus will be on broadening its product and sector reach.
Notable quotes
Owner and CEO Rob Jones comments:
“The market for data services is growing rapidly as companies around the world realise its potential and value as a business asset. As a data services provider, Euler is in a strong position to take advantage of the opportunities the market currently provides. The aim of the management team, and all of Euler’s employees, is to continue to grow on our current trajectory by building stronger and broader partnerships with data technology providers to deliver services across broad markets including manufacturing and retail.”
Founder of Euler, Anita Johnstone, adds:
“The management team at Euler has helped to develop the company into the high growth business it is today. Collectively, all four have worked for the business for nearly 60 years and we’re confident that we leave Euler in strong hands, poised for future growth. We’re retaining a minority stake as testament to the trust we have in the team to continue to develop the company.”
Euler provides customers with data services that include data management and migration, data quality and governance, business analysis and insights, and marketing automation. Our customer base includes:
- HSBC;
- Arriva;
- Trust Ford (Retail);
- Great Ormond Street Hospital Charity;
- WWF and;
- Everton Football Club.
In addition to our current focus on the charity and retail sector, the new owners intend to move into new markets that have big data needs, including manufacturing where we see numerous opportunities to support the sector as its data utilisation grows.
Other MBO details
The deal includes the acquisition of Euler’s client base, contracts, employees and assets. We will continue to operate from its head office in Warrington.
Advice on the MBO structure and funding was provided by a corporate finance team at Yorkshire accountants and business advisers, Garbutt + Elliott, led by partner, Tariq Javid. Funding was secured from HSBC and legal advice was provided by Gary Black, a senior partner at Primas Freeman Fisher.
If you have any questions, please contact info@euler.net or call 01925 644 800.