Forward advises management team of Praxis42 on MBO

Forward is delighted to announce the management buyout of Suffolk based, Praxis42 Limited (“Praxis42”), by its management team consisting of CEO Julian Roberts, MD of Digital Tom Paxman, MD of Consulting Adam Clarke and Commercial Director Shane McAllister. Forward acted as lead advisor to the management team, who acquired the business from its founders Keith Paxman and Mike Stevens.

Praxis42 is a technology led, risk management and training consultancy, providing compliance support for large corporates and SMEs for over 20 years. Their proprietary e-learning platform SHINE is tailored to client’s specific needs and has driven high quality renewable subscription-based revenues.

In recent years Praxis42 attracted Julian and Shane to the team, through a joint venture called ComplyNet, which has complemented the skills of Tom and Adam the respective MDs of the digital and consulting divisions.

The MBO provides Keith and Mike the time to take a step back from the business, and will enable management to drive growth for the next stage of the development of Praxis42.

Funding for the transaction, including additional development capital to invest in SHINE, was provided by Triple Point, with Danny Muir and Harry Jeffrey leading the transaction.

Commenting on the transaction, Tom Paxman, MD Digital said “Rob and Will at Forward assisted us to agree the headline deal, ran an extremely impressive process to attract the right funding partner in Triple Point, kept us all on track through a few bumps in the road and got the deal done we have had in the pipeline for some time now.”

CEO Julian Roberts added “Forward have been instrumental in getting us to the point where we know we can grow the business, whilst making sure the founders are paid for their many years of hard work.”

Keith Paxman, founder and ex-Chairman said “I couldn’t dream of this sort of exit when we set up Praxis42 all those years ago, and I’m really looking forward to seeing where the team can take the business, whilst Mike and I take a well-earned rest.”

Will Neill, Manager Forward Corporate Finance commented, “This was a lovely transaction to work on for all involved. The management team had been effectively running the business for some time now, and the founders plus management just needed some guidance and hand holding through the MBO process. We are delighted to have helped them become business owners, and can’t wait to see the next growth stage for Praxis42.”

Legal advice for the management team was provided by Tracey Dickens of Birkett Long, and tax advice by Andrew Robinson of RSM.

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