Along with Birketts LLP (led by Ed Savory), Lovewell Blake's Corporate Finance team has advised Steve Thacker and Simon Coote on the completion of a management buyout of Richards Dry Dock and Engineering Ltd and its subsidiaries, including Alicat Workboats, from the Gardline Group. The financial value of the deal was undisclosed.
Recognised as a specialist provider of bespoke marine and engineering services Alicat, which is based in Great Yarmouth, was established in May 2009 as a subsidiary to established shipbuilders and engineers Richards Dry Dock and Engineering Ltd. The business will continue to operate from its current site at Richard Dry Dock in Gt Yarmouth.
Steve Thacker, Managing Director at Alicat Workboats, commented: “Ed and Matt provided us with excellent advice from the outset and throughout the process we were impressed by their quality and professionalism. As Simon and I enter a new chapter as business owners we feel confident and excited. We are very thankful for the combined expertise of the Birketts and Lovewell Blake teams who have worked tirelessly to secure the completion of this transaction. We are also grateful to Gardline for affording us this opportunity and we look forward to retaining a good working relationship with them.”
Ed Savory, Legal Director in Birketts’ Corporate Team, concluded: “It has been a pleasure to advise the MBO team on this deal. I believe that Steve and Simon have a great opportunity to continue the success of this highly regarded Norfolk-based business. Working alongside Matt Crawley (Corporate Finance Partner at Lovewell Blake) has also been a pleasure. He and his team are highly responsive and Matt’s deep understanding of the economic climate in Great Yarmouth has been extremely helpful."