The management team, led by current CEO Peter Boucher, has taken majority ownership, with Phipps retaining a minority shareholding in the company which provides managed IT and telecoms services to more than 4,000 SMEs in the south and south west.
Funding for the MBO was provided by Santander Corporate & Commercial.
The aim is for the management team to take full ownership of the business within five years and to increase investments and acquisitions in new technology.
Corporate partner Kate Westbrook and commercial solicitor Louisa Leach from Thrings acted on behalf of long-term client Phipps, who will also remain involved with Excalibur Communications as the company explores further strategic acquisitions.
They were assisted by corporate partner John Richardson, who provided financial advice and prepared the loan notes, and associate solicitor Carey Cooper, who advised on the employment law-related aspects of the MBO.
James Phipps said: “This management buy-out marks the start of an exciting new phase in Excalibur Communications’ near two-decade history, and everyone involved in the transaction is very pleased that matters have reached such a positive conclusion.
“The plans that the new management team has in place for the future are both ambitious and exciting. This is not only great news for Excalibur staff but also for the company’s many customers who will continue to receive an exceptional experience and have access to the best solutions in the tech space.
“The range and depth of Thrings’ legal services is why the firm has acted for Excalibur on numerous commercial and property matters and advised me on various business and personal transactions for so many years. All parties were impressed with the professionalism and dedication that Thrings brought to this deal, and I would like to place on record my thanks to Kate and her team.”
Kate Westbrook added: “Thrings has advised James and Excalibur since 2011 and we were delighted to be involved in this latest leg of Excalibur’s journey. As customers of Excalibur ourselves, we have experienced first-hand the company’s commitment to service and relationships, and we have no doubt this will continue.”
