Director Ben Smith of Blackburn-based Pierce Accountants provided advisory services to a management buyout for leading North West PR & communications agency Intelligent Conversation (IC).
Manchester-based IC is a £1.2m turnover agency founded in 2009 as a senior consultancy model, giving clients around the world direct access to experienced practitioners. It is now ranked 42 outside London for income (source: PR Week).
The deal sees Managing Director Fritzi Wemheuer, who has been with the business for 10 years become the sole shareholder, whilst Libby Howard (the vendor) moves to a part-time consultancy role.
The Management Buyout was chosen as the preferred solution following consideration of a number of options as it offered total flexibility to all parties.
Director of Pierce, Ben Smith said: “It has been a privilege to assist the company on its continued journey of success; & our corporate finance team and I are delighted at the outcome for Libby, Fritzi, and the company.”
Managing Director of Intelligent Conversation, Fritzi Wemheuer said: “Our experience of working with Ben was excellent. He brings a wonderful, positive energy to everything he does and goes above and beyond to help you achieve your goals.
‘For this deal, he was both cheerleader and devil’s advocate when needed. He ensured that problems were anticipated and that the deal was carefully structured to balance the needs of the vendor, the buyer, and the business itself.
‘Both Libby and I will always be extremely grateful to Ben for enabling us to achieve a smooth transition of ownership and the start of an exciting new chapter for our very special agency.”
The financial terms of the deal remain confidential.
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