Deal Maker of the Year Awards 2012 WINNER - UK

DEAL: Catapult Venture Managers contributes £1.3m to management buyout of Echo

NAME: Kiran Virk COMPANY: Tollers Solicitors POSITION: Associate Solicitor TEL: 01908 396234 MOBILE: 07872 414412 EMAIL: kiran.virk@tollers.co.uk

BIO:

Kiran advises a wide range of clients which include small to medium size businesses, unlisted PLC’s, management teams,

banks,

venture capitalists and individuals. Her specialism lies in

business sales and purchases, buyouts, investments and shareholder issues. Kiran has worked as an advisor in a number of transactions in a diverse sector of industries including manufacturing, plastics, automotive and IT managed services. She has recently acted in a £5.1 million management buy out which included funding of £2 million. In addition to high value corporate work, Kiran also advises clients on commercial agreements where her extensive experience in dealing with joint venture, distribution and agency agreements is widely recognised.

Kiran’s no nonsense; commercial and pragmatic approach to business is readily acknowledged by clients and has been recognised by her counterparts in the industry by winning the acclaimed Deal Makers Award. Kiran has quickly developed an impressive client portfolio and is establishing herself as a prominent corporate lawyer within the region.

Kiran has a B.A Honours Degree in Medieval and Modern History from the University of Birmingham and a Graduate Diploma in Law.

Echo has established itself as a prominent expert in technological outsourcing and logistics boasting an impressive customer portfolio such as Fujitsu and Getronics. As developments in the information technology industry continue to be on the increase, the requirement to outsource to specialists is becoming indispensable. The transaction represents a great opportunity for Echo to capitalise on the industry boom and enhance its business volumes from existing and new customers whilst working in partnership with Catapult.

Tollers have a long standing relationship with Echo and its senior management team. Kiran Virk (Associate Solicitor) assisted by Matthew Crosse (Partner) led the Tollers’ team in advising the management team on the buyout and the £1.3 million investment by Catapult. This included advising on complex ratchet provisions and liaising closely with tax advisers to ensure the deal structure was tax efficient. The management team praised Kiran and Tollers as being “efficient, supportive, quick to respond and competent”.

The transaction was challenging in so far as it involved various elements including a pre-pack acquisition and additional asset

DEAL OVERVIEW:

Tollers Solicitors advised the management team on the management buyout of European Collaborative Hi-Tech Organisation Limited (“Echo”), with additional funding sourced by Catapult Venture Managers (“Catapult”).

based lending provided by Centric Commercial Finance. The deal had to meet not only the requirements of the management team but also the requirements of Catapult and Centric and adhere to a tight timescale, which in itself was a challenge. Tollers acted as an intermediary between the various parties to ensure the various stages were completed on schedule. Kiran comments that “the key to the success of the transaction was the commitment and pragmatic approach adopted by all the parties and their advisors in bringing the deal to fruition within the timescales”.

the key to the success of the transaction was the commitment and pragmatic approach adopted by all the parties and their

advisors in bringing the deal to fruition within the timescales

With the transaction completed, Kiran believes that Echo has a promising future ahead of it. The management team are doing a great job and have the determination to make the transaction a success. With the support of Catapult this looks to be a formidable partnership.