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Buyout advice from the region.

Financial and legal advice came from Newcastle throughout the management buyout of a Leeds-based mortgage provider.

Directors of Enact - which specialises in rapid remortgaging and conveyancing services - turned to finance house Deloitte & Touche plus law firm Dickinson Dees when going through the acquisition.

Shawn Bone, Chris Rigg and Bruce Duncan, of the North-East offices of Deloitte & Touche, worked with Dickinson Dees throughout the deal.

Financial services were also provided by Bank of Scotland and Montagu Capital.

Shawn Bone, of Deloitte & Touche Corporate Finance, said: "This is an excellent illustration of the fact that there is private equity readily available to good businesses with strong management.

"Enact is operating in a vibrant re-mortgaging sector which is set to expand for the foreseeable future."

Richard Dinning, executive chairman of Enact, said: "This deal is indicative of a trend that has been emerging for some time among law firms who, through their conveyancing practices, have diversified to provide volume legal services. These are extremely exciting times for Enact operating, as it does, in a market with tremendous growth potential. We are delighted to have the opportunity to expand and improve the service Enact offers its customers."
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Copyright 2003 Gale, Cengage Learning. All rights reserved.

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Publication:The Journal (Newcastle, England)
Geographic Code:1USA
Date:Jul 30, 2003
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