Independent funder Bibby Financial Services (BFS), has funded telecommunications comparison company Comparison Technologies to facilitate a management buyout (MBO).
Headquartered in Kent, Comparison Technologies is a comparison, switching and customer acquisition platform in the UK.
It reports 300,000 customers and £250 million value annually to partners in the Pay TV, broadband and mobile markets.
In July, the business required a new funding partner to enable an MBO and support its continued cash flow.
Under an MBO, a company’s management team combines its resources to acquire all or part of the company they manage.
Led by Corporate Sales Manager Michael Reid, BFS provided a multi-million-pound Invoice Discounting (ID) package.
Peter Callander, CFO, Comparison Technologies, said: “As we enter a new era of the business, it was crucial that we partnered with a funder that recognised our specific business needs and our vision for the future.
“The team at BFS have exceeded our expectations, and I am excited about what is ahead for Comparison Technologies with BFS at our side.”
Darren Miller, partner of FRP Corporate Finance, added: “Comparison Technologies is comprised of a team of hardworking and dedicated professionals, evident in the management buyout that took place in order to take the business forward.
“We’re delighted to have advised the management team on its MBO, and to have facilitated this partnership with BFS, which proved it was the best fit due to its attitude, flexibility, and commitment to matching the business’s needs.“
Michael Reid, Corporate Sales Manager at BFS, said: “We’re proud to be Comparison Technology’s chosen funding partner, and to assist the team at the helm of an impressive industry-leading business.”