Temple Bright advises on ‘pivotal’ healthcare project management takeover

Bristol and London law firm Temple Bright and Bath accountants OCL have acted for the shareholders of Capitec, the Bristol-based healthcare project management and facilities support business, on its sale to Imagile Professional Services Limited (IPSL).

IPSL, established in 2005 and also based in the city, is a leading asset management consultancy providing professional services across a broad range of infrastructure sectors and a UK PPP/PFI focus.

The Capitec and IPSL teams have worked closely together for several years and so became aware of natural synergies and a shared culture.

For Capitec, which was launched in 2007, the deal represents a natural next step in its evolution, meaning its existing FM compliance, risk management and technical engineering services are complemented by the wider range of PFI/PPP infrastructure support services offered by IPSL.

Temple Bright’s team was led by corporate partner Tori MacLeod.

Capitec director Rob McNamara said: “Selling Capitec has been the most important decision our leadership team has had to take since we founded the business over a decade ago now.

“Once we had agreed to move forward with what for us was an ideal purchaser, the complex job of translating both organisations’ wishes into a sale purchase agreement (SPA) then began in earnest.

“Temple Bright and their partner Tori Macleod were our legal team as we worked through the SPA process from drafting to completion. Tori brought her professionalism, knowledge and skills to bear at each step along the way.

“I can honestly say Tori provided support whenever it was needed both day and night (where necessity and deadlines called for it). We are very pleased with the outcome achieved.

“It represents a lot of hard work for all parts of this equation, but above all it’s a fair deal for all and in that respect it is one that is truly sustainable in the long term.”

Tori added: “It was a real pleasure to work with Rob and the rest of the Capitec team on this pivotal deal, which opens up a great range of new opportunities for the business.

“Given the synergies and reach afforded by IPSL, and the natural fit between the two organisations, we will be watching with interest how things develop from here.”

OCL Accountancy founder and director Mike Wilcox said: “Congratulations to Capitec on this landmark deal which represents a truly exciting next step. We have been privileged to advise the business from its early stages and through significant growth, and it is satisfying to see this positive opportunity being taken at a crucial stage in its development.”

Rob McNamara added: “Any transaction of this nature needs proper professional expertise and due process. We as a business have used Mike Wilcox and the team at OCL Accountancy for a number of years and so they were first choice to support this major transaction (the largest in our long business history). 

“What is nice is that Mike and his team have supported us from our early days of becoming an independent small business many years ago to the recent successful sale of the larger established business to IPSL and at no time have we ever regretted this – OCL always deliver and have treated us well as clients, whatever our size/turnover has been.

“I personally find Mike, who has significant SME experience, very able to explain in simple terms the implications of all things  financial. It is for this reason that I also personally trust the team at OCL to support my own financial affairs. They are highly trusted, always available and great value for money.”

Temple Bright was launched in Bristol in 2010, using a tech-enabled business model. It opened a second office in London EC2 in 2013 and now has 75 partners, evenly spread across the two locations. The firm has particular strength in corporate transactions and has continued to advise on a large number of deals over the past 12 months despite the disruption caused by the pandemic.

London law firm Stephenson Harwood acted for IPSL.

This article appeared in the Bristol Business Newsletter on 12 February 2021.