Millnet Limited’s acquisition of Docbuster Limited

The Strategic Corporate Finance team was engaged to assist with the acquisition of Millnet, a leading document and data processing business with sites in London and Manchester, by its Managing Director Steve Chadd, from Consilio Global UK, part of the global legal technology group.

To structure the transaction, Steve acquired all the shares in Docbuster Limited, a subsidiary which has developed a print management software, as well as the trade and assets of the UK Paper division, trading as Millnet Document Services, from Consilio Global UK, using Millnet Limited as the acquisition vehicle.

The transaction involved several components, including reviewing funding requirements and cash flow forecasts, undertaking financial and tax due diligence on the company and assets to be acquired, setting up accounting, payroll and banking facilities, as well as negotiating both purchase agreements with the Seller. Further complexity was added by the challenging time frame available to complete the transaction.

Price Bailey worked closely with legal advisors Howes Percival to ensure all aspects were thoroughly considered, and Steve could be confident that he was both getting value from the deal and had adequate protection.

The Price Bailey team continue to work closely with Steve post-Transaction to ensure a smooth continuation of operations and to assist with plans for further growth.