Howes Percival has advised on the successful management buyout of the Falcon Tower Cranes Group from the founding shareholders.
Originally established in the 1970s as a self-erecting tower crane rental company, Falcon has evolved from a regional tower crane supplier to an international brand, selling and renting tower cranes all over the world. The firm’s head office is based in Shipdham, Norfolk.
Managing Director, Andrew Brown said,
“This deal marks an important milestone for our business and I am thrilled to have led the management team towards this exciting new phase. We are delighted that the founders, Doug Genge and Barbara Brown will remain on the board to pass on the benefit of their experience to the new management team. Since it was established, the business has gone from strength to strength and we look forward to driving it towards the next chapter of its impressive journey. It was a pleasure to work with the team at Howes Percival, who provided a seamless service throughout and we look forward to continuing our relationship as we move ahead.”
Corporate law specialists, Oliver Pritchard and Brigitta Naunton from Howes Percival advised the management team on the legal aspects of the buy-out. Corporate finance and tax advice was provided to the management team by Cambridge based, corporate finance specialist, PEM Corporate Finance.
Commenting on the deal, Oliver Pritchard, a Partner at Howes Percival said,
“We are delighted to have supported the management team of this fantastic local business which is going from strength to strength. The company has an incredible story and we are looking forward to working with the management team as they continue to grow the business over the coming years.
“There was much speculation that capital tax gains rates would increase in the March budget, which undoubtedly increased the level of deal activity over the last couple of months. Now that this particular issue has gone away, at least for now, with no CGT rate rises announced by the Chancellor, we expect to see continued high levels of activity in the market generally. Within the East Anglia region alone, our work includes deals across a diverse range of sectors from construction to technology, manufacturing to renewable energy, and fashion to education. Trade buyers and institutional investors are showing a strong appetite for sectors which are either Covid-resilient or, increasingly, those which are likely to bounce back strongly post lockdown.”
For more information on Howes Percival’s corporate advisory services visit: https://www.howespercival.com/services/corporate/