VNC Automotive Limited, formerly a division of RealVNC Limited, has completed a Management Buy Out guided by their new CEO – Tom Blackie.Tom has led the Automotive division for the past 10 years from its base in Cambridge. Having established a reputation for innovation and quality, their software is now in more than 20m vehicles, across more than 15 of the largest automotive OEM brands. The new Company will continue to focus on vehicle connectivity solutions and aims to sustain and improve the impressive growth that it has achieved to date in this area.
Looking forward to the future, Tom Blackie said “We now have full control of our technology strategy so can develop even more innovative solutions for the automotive industry. It’s tremendous to be working in such an exciting market and we are confident that the new VNC Automotive Limited is very well positioned to be a major player in this dynamic ecosystem.”
Tom received deal advisory advice from an Ensors team of Simon Martin
and David Scrivener
, with legal expertise being provided by Tom Causer and Anthony McGurk of Mills & Reeve.
Commenting on the advice Tom received from Ensors and M&R, Tom said “Thanks to both Ensors and M&R for their strong support through an intense and, at times, stressful process. Their responsiveness and expertise helped get to a good result in a timely manner. I am now looking forward to focusing on developing the Automotive offering. We’ll continue to work with them and I’d have no hesitation recommending them to any future clients.”
Ensors involvement included:
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- Reviewing and reporting on the financial forecasts prepared, including modelling a post-acquisition illustrative balance sheet
- Reviewing the Asset Purchase Agreement for relevant accounting, tax and commercial points of note
- Providing advice on the deal mechanism and how this could affect the opening position
- Adhoc advisory where required