Opening the door to a smooth employee buyout
Eclisse UK is the sole British distributor of Italian company Eclisse SRL, one of the world’s leading creators of bespoke pocket door systems – sliding doors that disappear into the wall to create more space.
The UK arm had always enjoyed a close relationship with its parent company; and when owner and founder Padraic Healey came to plan his succession, it became clear that employee ownership – with even stronger ties to Italy – was the best way to secure a strong future.
Eclisse pride themselves on high quality work, constant innovation and attention to detail. So when they came to us looking for a legal partner to ensure a smooth transition, they needed someone who shared these values.
We know that no two companies are the same, that’s why we took the time to get under the skin of Eclisse UK and understand what kind of transition would be in everyone’s best interests.
What an interesting journey we had with Legal Clarity as our fellow traveller! Honesty, plain talking, taking time, answering the mundane as well as the complicated questions, all done with a smile and a helpful positivity that far exceeded my expectations. And all at a cost that I found fair and reasonable for the work done.
Working closely with Padraic and his business advisers over many months, we structured a deal that forged closer ties with Eclisse SRL (with the acquisition of a one third stake) and gave the UK employees a controlling interest. But we also ensured that Padraic retained a significant degree of control whilst the new model took effect, and while his significant ongoing investment in the business remained outstanding in the form of deferred consideration for his shares.
Our bespoke approach didn’t just include the terms of sale and purchase. We also established the right management and governance structure for the business going forward, with the appropriate levels of control.
By the time the deal was completed in summer 2019, we were confident that Eclisse UK was in the best possible position to realise its ambitions.
We made the whole process easier by building strong relationships with all parties. In the words of Padraic himself, “What an interesting journey we had with Legal Clarity as our fellow traveller! Honesty, plain talking, taking time, answering the mundane as well as the complicated questions, all done with a smile and a helpful positivity that far exceeded my expectations. And all at a cost that I found fair and reasonable for the work done.”
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