Faversham House Group

FHG transitions from family ownership through Golden anniversary MBO

Meta is pleased to announce the management buy-out of Faversham House Group Limited, the Croydon-based B2B publisher for a consideration of £4m.

FHG, the publisher of Heating & Ventilating Review, DIY Week and edie.net, is headquartered in Croydon and has a turnover of around £10m.

Peter Counsell of Meta was introduced to Amanda Barnes, the Chief Executive of FHG, early in 2010. FHG was formed by Amanda’s father, Vic Gould, in 1960 and the senior management and staff included four other members of the Gould family, including Amanda’s mother, Margaret. Amanda’s colleagues in the management team are her fellow directors Chris Trayers and Carl Myers.

Peter’s role was to advise on the development of the business plan, its presentation to potential funding parties and to negotiate with the other family shareholders. A number of private equity funders expressed interest in FHG and its growth plans. However there was a significant understanding and chemistry with Jonathan Gregory and Chris Price at Matrix Private Equity Partners, who funded the transaction. Members of the Gould family have reinvested in the new structure.

Matrix introduced Bob Fairchild, who already sits on one of their investments, ATG, to act as Chairman. Also introduced to the deal was Jill Williams, whose role as incoming Finance Director facilitates the retirement of John Gould, Amanda Barnes’ brother, from his twin roles as Finance Director and Chairman. Chris Price has taken a seat on the Board of Directors.

During the course of the MBO, FHG also acquired the assets of Utility Week from Reed Business Information, adding a well-regarded title to its portfolio.

In addition to the traditional champagne at completion, the deal was concluded by a number of speeches, registering the transition in ownership with the Gould family and the start of a new era for FHG, 50 years after its inception.

Amanda Barnes, Chief Executive of FHG, said “I thank Peter most profoundly for his advice and for bringing a most welcome perspective to the deal when needed. He has achieved the difficult task of making everyone feel that he was on their side”.

Peter Counsell, Director of Meta said “I am delighted to have helped Amanda, Chris and Carl to acquire FHG. They are a very high quality management team. FHG is a highly regarded business that is well-placed to capitalise on the growth opportunities available in its sectors as we climb out of recession. I am particularly pleased that the involvement of Matrix, Bob Fairchild and Jill Williams will strengthen the company and look forward to advising the business through its next phase.”

Advisers to Management

• Corporate Finance: Peter Counsell, Meta Corporate Finance
• Legal: Duncan Macintosh, Marlies Hoecherl and Tom Kelleher, Capital Law LLP
• Private Equity: Chris Price & Jonathan Gregory, Matrix Private Equity Partners
   

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