PDT advises management on the MBO of The Specialist Works

The Specialist Works has shown growth every year since its launch back in 2003 and saw record-breaking growth in 2017 with a 40% rise in gross profit on revenues exceeding £119m. Recent new business wins include Photobox, 23andMe and Rocket League who join a client roster including Ovo Energy, AutoTrader, Beagle Street and Boohoo.com.

“We love working with PDT – they combine great knowledge and professionalism with tell-it-like-it-is honesty. Every team member treats our projects and problems like their own. This deal had significant hurdles to overcome along the way, as deals sometimes do, and the PDT team were there for us through to its successful conclusion.” Martin Woolley, CEO

The management team has acquired the full-service brand response agency from founder Jim Lewcock and, in addition to the UK operations of TSW, have also acquired the US, Irish and European businesses.

Rebecca Glazebrook, who led the PDT team, said “Having previously acted for TSW on the acquisition of The Response Team and Pace Media, it was great to be involved in this deal and continue our relationship with The Specialist Works. The deal took a year to complete and involved seven firms of lawyers (two in the US), two corporate finance firms and two banks. It also involved a separate re-financing of TSW’s London premises. This was one of the most complicated deals we’ve done in the last few years but Martin, Parry and the team at TSW were delightful to work with and we wish them every success.”

Noel Ruddy, head of Corporate said “We are delighted to be able to support such a fantastic management team which has built a world class media agency. We look forward to working with Martin, Parry and the team as they drive the business forward and widen TSW’s client base both in the UK and abroad.”

The PDT team comprised corporate partners Rebecca Glazebrook, Noel Ruddy and Andrew Hoad, assisted by Rosie Haines (Corporate), Sian Webber (Corporate), Craig Burton (Real Estate), Chehraz Fox (Real Estate) and Bhavna Patel (Employment).