Prism Lead the Sale of Orion Future Technology Ltd to Milbank Group Ltd
Prism Corporate Broking has advised the shareholders of Orion Future Technology Ltd (Orion FT) on its sale to Milbank Group Ltd.
Over the past 15 years Orion FT has developed a portfolio of intellectual property, underpinned by an extensive research base, to aid environmentally sustainable food and non-food crop production. Orion FT’s products are distributed to c.20 countries around the world including those in Europe, Africa and Central America.
Family owned Milbank Group continues to grow its diversified portfolio of businesses with this, their fifth acquisition to date.
Gidon Bahiri and Martyn Charik, founders and directors of Orion FT said, “Over the years we have really enjoyed developing Orion FT into the successful international business it is today. We have also enjoyed working with our wonderful customers and friends at Reading and Hertfordshire Universities. We thank them for the friendship and loyalty developed over the years.”
Gidon approached Prism initially on a recommendation from a mutual business contact, he continues, “We explored a number of options with the Prism team and we both agreed that the family owned Milbank Group, with its young management team, would take the business forward whilst maintaining the high level of service, research and development that our customers are used to.”
Milbank Group is committed to continuing the vital research that Orion FT currently conduct, in conjunction with leading Universities around the world, to enable them to remain at the forefront of safe and sustainable global food and crop production. Combining this research, with a strategic drive to develop exciting new products, will ensure the business continues to grow. Customer service and product quality will remain a core principle and will continue at the same very high standard that the industry has come to expect.
Robert Fiske, Director of Corporate Finance at Prism Corporate Broking, who was Lead Advisor to the vendors added, “It’s testament to both vendor and buy side teams that deal momentum was maintained during these uniquely unusual times. The Heads of Terms were signed prior to the Covid-19 lockdown, however it proves that with a sound business case and seamless remote working, we could ensure that the deal progressed rapidly and successfully.”
The sale of Orion Future Technology Ltd was completed on Friday 15th May 2020 and led by Prism Corporate Broking (Robert Fiske). We would also like to thank the legal advisers to the vendors, BDB Pitmans LLP (Duncan Walker and Ross Fletcher).