About the client
WEMS International (“WEMS”) is a provider of fully wireless building energy management systems. Its products enable operators of large commercial estates to minimise their energy costs across multiple sites by allowing central control of the estate’s energy consuming systems such as heating, lighting and air conditioning.
Major clients included BT, Boots, Matalan and Fitness First, with over 3,500 WEMS systems installed to date.
About the deal
An extensive marketing exercise was conducted, contacting potential trade and financial acquirers across the globe. This resulted in a number of highly competitive bids, including several trade offers, private equity Investor Buy-Out structures, a merger and a hybrid trade sale/flotation.
A number of preferred bidders were selected and Rickitt Mitchell was able to create competitive tension amongst them, negotiating significant offer improvements and project managing the deal through to completion at a 10x EBIT multiple.
"Rickitt Mitchell’s skills were essential in delivering what was an extremely complex transaction involving a diverse set of stakeholders"Joe Blower | Founder | WEMS International