“It was a pleasure working with James Cowper Kreston on the deal. Their expert guidance and constant support were invaluable in navigating what was a complex process. We look forward to working with them again.”
— Matt Gordon-Smith, Investment Director, YFM
The Situation
Based in Thatcham, Berkshire, Stacatruc provides forklift hire, sales, and maintenance services across the UK. The business supplies both new and used equipment, offers nationwide engineering support, and is Europe’s largest supplier of forklifts from global manufacturer Clark.
YFM Equity Partners identified an opportunity to support the incumbent management team in executing a secondary buyout from Merino Capital. The transaction was inherently complex: Stacatruc had completed recent acquisitions, was actively pursuing further opportunities, and its ongoing buy‑and‑build strategy formed a core part of the investment rationale.
YFM required an adviser able to bring analytical rigour, additional execution bandwidth, and hands‑on deal support across a fast‑moving and multifaceted management buyout.
Our Approach
Appointed as lead buy‑side advisers, we worked as an integrated extension of YFM’s deal team, supporting the transaction from initial analysis through to completion.
- Clarifying underlying performance: We undertook detailed analysis of Stacatruc’s historic performance, reviewing margins, commercial drivers, working capital dynamics, and acquisition impacts. This work established a clear view of sustainable profitability and underlying earnings, enabling YFM to assess valuation and risk with confidence.
- Strengthening the business plan: Working closely with the management team, we refined the integrated financial model to ensure assumptions were realistic, deliverable, and aligned with both the proposed deal structure and Stacatruc’s ongoing acquisition strategy. This created a credible, investor‑ready business plan that underpinned YFM’s investment case.
- Negotiation support and commercial analysis: Throughout the process, we acted as a strategic sounding board to YFM, providing analysis and insight across key commercial considerations, including headline value, structure, and locked‑box mechanics. Our work ensured negotiations were supported by clear rationale and robust evidence.
- Managing a complex set of workstreams: The transaction involved multiple interdependent workstreams, including the integration of recent acquisitions and assessment of a live pipeline of future opportunities. We coordinated all buy‑side diligence across these areas, acting as the central point of control and giving YFM clear visibility over risks, dependencies and decision points.
- Exit considerations and value outlook: We supported YFM in assessing long‑term value creation by reviewing potential exit routes and relevant valuation benchmarks. This ensured the investment case was underpinned by a clear understanding of future optionality and value drivers.
- Tax review and advisory: Our tax specialists provided detailed advice on the transaction’s tax implications, supporting informed decision‑making and ensuring an appropriate and well‑considered structure.
The Result
The transaction concluded with a successful management buyout, providing Stacatruc with a stable and aligned ownership structure for its next phase of growth. Our involvement helped YFM navigate a complex process shaped by recent acquisitions and an active buy‑and‑build pipeline, enabling informed decision‑making and a well‑controlled outcome.
With YFM’s backing, Stacatruc is well positioned to expand its national footprint, build on recent strategic acquisitions, and strengthen its position as a leading UK provider of forklift equipment and engineering support.
