Technology company TTP Group Ltd has transitioned to an Employee Ownership Trust (EOT) model, advised by law firm Fieldfisher. TTP Group joining the growing trend towards employee ownership marks one of the single biggest such transactions in the UK to date – valued at £276 million.
The Cambridge-based, independent tech company, whose team of over 340 scientists, designers and engineers collaborate to invent and develop innovative products and technologies either under the TTP brand or within separate spin out businesses, already considered itself to be employee-owned, but wanted to go further. A team of Fieldfisher's experienced EO lawyers, led by Mark Gearing and Neil Palmer, advised on the transaction, as an EOT was identified as the best option to support the company's long-standing mission of being 100% employee owned, and secure its inventive and collaborative culture.
The complex arrangement, which ultimately sees a 100% stake in TTP Group be held in trust on behalf of all its employees, facilitates a 'partnership' structure whereby employees can share in the rewards of the business for which they work.
Mark Gearing, Partner in Fieldfisher's Employee Ownership team, comments: "Advising TTP Group on its move to an EOT was certainly one of the most complex, but most interesting structuring arrangements the team has ever worked on. The sheer number of individual shareholders who accepted the offer from the EOT demonstrates the move to employee ownership is the right one for the business and its employees. The Fieldfisher team is delighted to have played a part in this ground-breaking transaction, and hope it inspires even more businesses to consider this model of ownership."
Dr Peter Taylor, chairman of TTP Group said, "We are delighted to have completed our transition to full employee ownership using the EOT model and expect this change in our ownership structure to further accelerate our business growth. Fieldfisher provided the expertise and experience we needed and their calm approach helped the whole process run smoothly."
Deb Oxley OBE, Chief Executive of the Employee Ownership Association (EOA) the representative body for employee-owned businesses, said: "We congratulate TTP on its move to 100% employee ownership via an EOT, protecting its collaborative culture and independence for the longer term.
Employee ownership is a clear fit for the business with its focus on allowing people to think differently to drive invention. Ensuring its independence and empowering its people offers a powerful mix that we have seen deliver great success in other innovative businesses in the EO sector."
RVE Corporate Finance provided financial and valuation advice to TTP Group. Fieldfisher's tam also included Tamsin Nicholds, George Cotter and Anastasiya Kapustina.
TTP Group is the latest in a string of successful employee buy-outs Fieldfisher's EO team has overseen, averaging one such completed transition a month this past year, continuing the trend of empowering thousands of people to become employee owners. For more information visit the Fieldfisher website.
The Cambridge-based, independent tech company, whose team of over 340 scientists, designers and engineers collaborate to invent and develop innovative products and technologies either under the TTP brand or within separate spin out businesses, already considered itself to be employee-owned, but wanted to go further. A team of Fieldfisher's experienced EO lawyers, led by Mark Gearing and Neil Palmer, advised on the transaction, as an EOT was identified as the best option to support the company's long-standing mission of being 100% employee owned, and secure its inventive and collaborative culture.
The complex arrangement, which ultimately sees a 100% stake in TTP Group be held in trust on behalf of all its employees, facilitates a 'partnership' structure whereby employees can share in the rewards of the business for which they work.
Mark Gearing, Partner in Fieldfisher's Employee Ownership team, comments: "Advising TTP Group on its move to an EOT was certainly one of the most complex, but most interesting structuring arrangements the team has ever worked on. The sheer number of individual shareholders who accepted the offer from the EOT demonstrates the move to employee ownership is the right one for the business and its employees. The Fieldfisher team is delighted to have played a part in this ground-breaking transaction, and hope it inspires even more businesses to consider this model of ownership."
Dr Peter Taylor, chairman of TTP Group said, "We are delighted to have completed our transition to full employee ownership using the EOT model and expect this change in our ownership structure to further accelerate our business growth. Fieldfisher provided the expertise and experience we needed and their calm approach helped the whole process run smoothly."
Deb Oxley OBE, Chief Executive of the Employee Ownership Association (EOA) the representative body for employee-owned businesses, said: "We congratulate TTP on its move to 100% employee ownership via an EOT, protecting its collaborative culture and independence for the longer term.
Employee ownership is a clear fit for the business with its focus on allowing people to think differently to drive invention. Ensuring its independence and empowering its people offers a powerful mix that we have seen deliver great success in other innovative businesses in the EO sector."
RVE Corporate Finance provided financial and valuation advice to TTP Group. Fieldfisher's tam also included Tamsin Nicholds, George Cotter and Anastasiya Kapustina.
TTP Group is the latest in a string of successful employee buy-outs Fieldfisher's EO team has overseen, averaging one such completed transition a month this past year, continuing the trend of empowering thousands of people to become employee owners. For more information visit the Fieldfisher website.