The corporate team at Portsmouth-based Verisona Law has completed the sale of Manor Renewable Energy, which specialises in temporary engineering solutions for the offshore industry.
The business attracted attention from Castle Mill Equity Partners, who purchased the business in September 2019 alongside a consortium of investors. Verisona Law was called in to represent the interests of shareholders Eric Briar, Toby Mead and John Tye. Briar and Mead remain active shareholders and head-up day-to-day operations.
“We first acted for Manor Renewable Energy in 2017, when it acquired Manor Marine UK Limited,” recalled Michael Dyer, director and head of Verisona Law’s corporate & commercial division. “The strategic transaction was to combine Manor Renewable Energy with boat-building facilities that could transport generators needed to initially power off shore windfarms.” A deal that was essential to the growth of the business.
Now, operating from Portsmouth in Hampshire and Portland in Dorset, Manor Renewable Energy has secured investment from Castle Mill Equity Partners that will help the business scale up, ensuring that the business remains at the forefront of innovation.
Verisona Law negotiated the funding and transaction documents for the transaction and assisted with the due diligence and disclosure processes, all of which was completed over a four month period. Michael Dyer managed the transaction alongside associate solicitor Grant Usher, while consultant Robert Harris handled all commercial property matters.
“We are delighted with the outcome of the negotiations that have taken place over the last few months,” said managing director Eric Briar. “Verisona Law worked hard, kept us fully informed every step of the way and we are very grateful for their diligence and attention.”