Burnetts has advised John McGibbon, Managing Director of PAR Systems UK on the management buy-out of PaR Systems UK (“PaR Systems”) from its US parent company. PAR Systems develops cutting-edge robotic systems, nuclear cranes and remote handling systems from its HQ in Lillyhall, Workington. The MBO will enable the UK operation to respond more effectively to opportunities for growth, particularly in the nuclear decommissioning sector, building on existing contracts covering the Dounreay and Sellafield nuclear facilities.
John McGibbon joined PAR Systems in Cumbria in 2015 as Business Development and Engineering Director. Since then, the organisation has grown from just four to 22 people and moved to a new base at Lillyhall. As well as broadening its offer into robotics, specialist refurbishment and mechanical/electrical design, it has also developed supply chain collaborations with a range of companies in the North West. These include major nuclear players like Atkins, Nuvia, Altrad and Jacobs and a number of Cumbria-based SMEs such as Createc, Numech and Delkia.
The Burnetts team was led by Corporate Partner Michael Walby, assisted by Becky Brook, who both worked alongside John McGibbon on all aspects of the transaction. Michael commented:
“We are absolutely delighted to have advised John on the acquisition of PaR Systems. It will undoubtedly enable him to build on its track record of success, and to access further work in the UK and beyond. Separating a UK business from a US group is always challenging, but our experience allowed us to advise on all aspects of this complicated transaction. Above all, we are thrilled for John. His drive and commitment will undoubtedly see PaR Systems go from strength to strength. The business is uniquely positioned to become an even bigger success story for West Cumbria, and John should be very proud of what he has achieved”.
John McGibbon, Managing Director and owner of PaR Systems added:
“I am really pleased to have completed the acquisition of PAR Systems for the UK and European nuclear market. The MBO gives us greater independence and flexibility as an SME, and provides a platform to unlock opportunities for future growth, not only with our existing customer base, but also in new markets. We retain very close links with PAR Systems LLC in the US, and look forward to working with them in the future. I can only thank them for providing me with the opportunity to take the business forward into exciting times. I was very pleased to have the Burnetts working alongside me. Their advice and guidance from inception right through to completion of the deal was invaluable. Their legal and commercial expertise really came to the fore in negotiations. They are an impressive team, and I would highly recommend them”.
John McGibbon was also advised by Chris McCourt and Darcie Rae of Armstrong Watson Corporate Finance team, and by Peter Fleming Business Consultancy.
Burnetts Corporate Team are leading advisers to business clients in Cumbria and throughout the UK. They advise all aspects of business law including mergers and acquisitions, MBOs, investments and fundraisings across a wide range of sectors. Described by a leading publication as having a “thriving M&A team and a reputation for excellence”, Burnetts Corporate team is ranked in both Legal 500 and Chambers & Partners.