Meta Advises Multithread on Sale

The company primarily offers products and solutions through their eCommerce platform, LinITX.com. The website, developed in-house, hosts a comprehensive range of Wi-Fi access points, routers, switches as well as CCTV IP cameras and audio streaming products. 

Meta Corporate Finance (“Meta”) was engaged by the founders, Richard and Wendy Gould, several years ago as they sought guidance on preparing for the eventual sale. Since then, Meta has provided advice to the shareholders in preparation for initiating a transaction.

The MBO comes off a record sales period for Multithread. Despite the effects from the start of the pandemic, the company saw exceptional sales growth of 30% in the current year. The new owners now aim to drive further growth with plans to expand the product range and training programmes.

Nick Shore has been appointed Managing Director after 20 years with Multithread, most recently as Chief Technology Officer.

Richard and Wendy Gould were advised by Peter Counsell and Robbie Burn of Meta Corporate Finance in the sourcing, negotiation, and execution of the transaction. Tom Henson and Rachel Mullan Lipman of Hansel Henson, which also has a long-term relationship with Richard and Wendy, managed the legal aspects of the transaction.

Richard Gould said “Wendy and I are very pleased with the sale to the management team, in particular Nick who has been with the company for 20 years. After starting the company over 30 years ago, I could not think of anyone better to hand the reins over to. I have full confidence the new ownership will continue to grow the business to levels it has not been before. Peter Counsell provided valuable advice and guidance over the past few years whilst we considered an exit.  When we decided to go ahead with a transaction Peter and Robbie at Meta displayed outstanding expertise from day one which provided us with the support and comfort we wanted throughout the process.  We are delighted with how they delivered the transaction.”

Jack Kinnersley, investment director at Merino Private Equity LLP, said: “We are thrilled to have completed the MBO of Multithread Consultants, and particularly to partner with Nick and the wider team. The business has built a great reputation off the back of high service levels and a compelling product range. Shawbrook Bank has been a valued partner throughout this deal, which is made possible thanks to its team’s fast and considered approach to funding.”

Nick Shore, new Managing Director, said: “New standards of connectivity mean businesses can enhance their IT network infrastructure with wireless solutions.

“This creates an opportunity for us and our installer partners to work with organisations and help them facilitate the new hybrid ways of working that have emerged in the last two years, and to build on the success we’ve already had helping organisations to adapt their infrastructure to meet new requirements.

“The addition of Merino will help us as we target growth from these opportunities. And the quick decision making of Shawbrook Bank ensured a swift completion of this deal, helping us to focus on growing the business with the support of our new owners.”

Oliver Sutton, relationship director at Shawbrook Bank, said: “The case to back this change of ownership was exceptionally strong. The longstanding expertise of Nick and his team positions the business well for tapping into a booming market buoyed by changing working patterns and new technologies.

“We’re also well aware of Merino’s track record of supporting its portfolio companies to scale-up their operations from past deals we’ve supported them with.

“We worked closely with the Multithread team to understand its business model and working capital cycle, ensuring that we provided the new owners with a finance package with terms that will help to enable its growth.”