West Midlands commercial property firm undergoes MBO
Tue, 14 Nov 2023 | MBO/MBI
Hexagon Commercial Property, a commercial property company headquartered in the West Midlands, has been acquired in a management buyout (MBO). The deal sees Harvey Pearson acquire Lex Allan’s shares of the Stourbridge-based firm and he will now lead the company as its managing director.
The company operates across the office, industrial, leisure and retail sectors, working with an array of prominent clients, including Mercia Real Estate, Calthorpe Estates, Western Trading Group, LCP and SEP. The firm’s management portfolio consists of a contracted rent roll exceeding £2 million per annum.
Harvey Pearson joined Lex Allan Commercial as a trainee surveyor in 2013, working with owner Lex Allan. Five years ago, Allan and Pearson went into partnership and the company rebranded as Hexagon Commercial Property.
Lex Allan commented: "In my 30 years of trading under the Lex Allan banner the journey with Harvey has been one of the most exciting chapters.”
"Hexagon has been driven and developed by both Harvey and I, but the fundamental success of the business has been down to Harvey's insatiable appetite to match people and property in a commercial environment where he delivers insight and innovation in equal measure.”
Pearson said that the MBO represents “an exciting next chapter for Hexagon” and that Lex Allan had played a “pivotal part” in building the company. Following the MBO, Pearson said that the business will be moving offices as a result of its ongoing expansion and confirmed that Allan would remain with the business as a consultant post-transaction.
In the wake of the COVID-19 pandemic, MBOs have become an increasingly popular strategy for outgoing business owners seeking a secure, safe exit from their business, while still generating a reasonable valuation from the transaction. Find out more about exiting through an MBO in this dedicated insight:
MBOs come to the fore as owners seek a safe exit
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