Thames Valley: HMT advises on MBO of Oxford Cryosystems

Henley-on-Thames based HMT LLP, led by partner Paul Read and manager Antonia Fernandez, undertook due diligence for senior debt provider Royal Bank of Scotland (RBS) on the management buyout of Oxford Cryosystems.

Oxford Cryosystems is a market-leading UK manufacturer of highly-specialised scientific instruments and software. The company was founded by John Cosier and Mike Glazer in a laboratory of Oxford University in 1985 where they have developed the first Cryostream Cooler. The business has since grown into a high-tech, commercial organisation with three distinct product lines selling to hundreds of scientists all over the world.

In 2010, managing director Richard Glazer and technical director Alex Renshaw led an MBO-backed by private equity firm Catapult Ventures. After five years, the latest MBO led by the same management team sees Catapult Ventures exit the business.

RBS provided senior debt to support the management team on the MBO.

HMT led by Read undertook financial due diligence for RBS.

Andy Matthews at RBS commented: “HMT produced an excellent, succinct and timely report for the Bank which helped us write the transaction.”

Read commented: “We are delighted to have advised RBS on this transaction. With RBS’ support and the skilled management team, Oxford Cryosystems is in a strong position to continue its growth as well as developing its product range into new markets.”