The MBO team comprises Richard Dinning, who becomes Executive Chairman of enact, Julie Harrison, who becomes Commercial Director, and Bev Mayo and Adam Middlemass who will be Operations and IT Directors respectively. They will be joined on the enact board by Justin McChesney who has been appointed Finance Director.
Montagu Capital and Bank of Scotland are financing the equity and debt elements of the transaction respectively. KPMG advised Addleshaw Goddard.
Addleshaw Goddard will continue to have a minority equity position in the business in the future and board representation.
Richard Dinning, Executive Chairman of enact said: "The management team and the staff are determined to build upon the achievements of the business to date and to take it on to even greater success in the future for the benefit of clients and staff alike.
"We are delighted to have secured external funding which will support our expansion plans and development of our business. We will be increasing investment in our people, technology and service delivery to improve further the customer experience of the entire home-buying process."
Commenting on the deal, Addleshaw Goddard Managing Partner Mark Jones said: "enact is a successful business which has attained real momentum since its launch and its future as an independent company is assured. The MBO team has the right blend of experience and enthusiasm to ensure enact remains a market leader and I am delighted that Addleshaw Goddard will remain an investor in the enterprise."
With effect from 23 July, Richard Dinning retired from the Addleshaw Goddard Partnership and Julie Harrison stepped down from her role as Director of Change Management at Addleshaw Goddard.
