Corporate finance advisers at accountancy firm Mazars has helped Proteus Software achieve a sale to Sanderson Group.
Proteus, which is based on Solihull Parkway at Birmingham Business Park, was acquired by the Coventry-based software and IT services business specialising in multi-channel retail and manufacturing markets in the UK and Ireland.
Sanderson is paying a maximum of £1,900,000 for Proteus, consisting of an initial £1.4 million and a deferred consideration of up to £500,000, depending on certain performance criteria being met in the 12 month period to December 2015.
Nick Johnson and Steve Talbot of Mazars’ corporate finance team advised Proteus during a two year engagement which led to the sale.
Proteus, a long standing Mazars client, provides warehouse management solutions to businesses operating in the area of third party logistics, warehouse management and supply chain distribution.
Key clients range from owner-managed businesses to global corporates.
In the year to September 30 Proteus achieved turnover of £1.98 million.
Mazars’ corporate finance partner Mr Johnson said: “Proteus Software was established in 1987 as a business application software provider and has always been at the forefront of developing software applications that control supply chain business processes.
“We identified a natural fit with Sanderson Group and I am pleased both parties have achieved a highly satisfactory result.”
Sanderson Group chairman Christopher Winn said: “Proteus is a complementary acquisition for Sanderson and the Proteus products will complement the group’s own products, services and customers within its multi-channel retail and manufacturing businesses.”
Mazars advised Proteus with Greg Emms of Emms Gilmore Liberson solicitors providing legal advice. Sanderson were advised by Schofield Sweeney.