Garbutt + Elliott advises on Reef Business Systems acquisition

Garbutt + Elliott's corporate finance team, led by partner Rob Burton, advised Reef Business Systems which has been acquired by digital communications firm, CitNOW Group.

Reef, a car showroom and deal management software company in Harrogate, will be based under the provider of showroom management systems, Dealerweb, in the CitNOW portfolio.

Rob said: “G&E advised the Reef shareholders on the completion mechanism process and their understanding of how this worked. It was a key area of the deal and, by thoroughly understanding its implications, protected value for the shareholders. We were very pleased to help deliver a successful outcome for Reef Business Systems.

“This acquisition is a further sign that the deals market is very active and there is significant private equity funding available for the right assets. The Yorkshire corporate finance community is very busy and the region remains an extremely active market place.”

York law firm, Ware and Kay, provided legal support.

Reef managing director, Jamie Pearson, has joined Dealerweb's senior management team, while fellow director, Garry Cuthbert, will continue to advise both businesses.

Garry said: “This acquisition gives Reef a valuable chance to expand its presence in the international automotive market.The combination of the different products and expertise assembled by CitNOW could become a powerful force in this sector."

"We received an excellent service from Garbutt + Elliott. Continuity and familiarity was key to choosing the firm for our corporate finance work. Using people who already know our business well made the decision an easy one.”

Garbutt + Elliott’s corporate team, incorporating its award-winning tax team, has three partners and two directors and works nationally across a broad commercial spectrum from its offices in York and Leeds.