Miles 33

Management Buyout


by Ian Barton January 7th 2019

The Quantuma team led by partner Ian Barton and director Adrian Howells provided advisory services to the management team and led the transaction on the management buyout of Miles 33 from Ares Capital.

Background

Founded in 1976 and based in Bracknell, Miles 33 has established itself as a leading supplier of editorial and advertising management software to the media and publishing industries. In addition, Miles 33 also provides wider corporate marketing automation software to agencies. With a comprehensive suite of products and solutions on offer, Miles 33 enables clients to perform a variety of different actions across both print as well as digital channels.

Rationale

Quantuma Partner, Ian Barton had previously advised the Miles 33 management team prior to their original buyout in 2005, and they now were looking for a new investor to support their future growth plans. 

Outcome

The Quantuma team led by partner Ian Barton and director Adrian Howells provided advisory services to the management team and led the transaction on the management buyout of Miles 33 from Ares Capital. This included identifying both their equity partner in Ethos Partners as well as securing and delivering bank debt funding from Santander. There were various challenges in delivering on this deal which, by bringing all parties together and pushing for a solution, enabled the deal to be driven to completion.

The management team, led by Miles 33’s Mike Moore, will now look to expand its US clientele, with The Boston Globe, Maine Today Media and Record Journal amongst its existing clients. With backing from Ethos Partners and further growth coming from the rollout of its recently developed Gemstone software, as well as increasing sales of its Wave 2 software in the wider corporate market, Miles 33’s management team believes it is well positioned to expand its geographical base and grow revenues.

Quotes

Ian Barton, Partner at Quantuma said: “This deal highlights the benefits of partnership and tenacity by both funders and management to deliver this transaction. Having advised the management team prior to their first buyout in 2005, I have seen the management team develop its software and geographical footprint and adeptly position the business as one of the global market leaders in its product offering.  Quantuma are delighted to have helped management achieve its ambitions alongside Ethos in their first investment.”

Mike Moore, Chief Executive Officer at Miles 33 said: “We are looking forward to the next chapter in Miles 33’s history to roll out our new products to provide best in class solutions and service to our customers. We expect to see a new phase of growth organically and we will continue to look at acquisitions to expand our reach. After a period of ownership transition, we are delighted to have true long-term funding partners who are keen to support our strategy.”

Julian Carr, Principal at Ethos Partners said: “Quantuma have provided fantastic support and demonstrated a real depth of insight into and understanding of the business drawn from Ian Barton’s long association with the team since 2005 which enabled us to appreciate the potential of the business and also to raise debt funding for the MBO in short order from Santander. We really appreciated the consistent advice and support to get the deal to a close and look forward to working together again.”

 


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