Hello Rainmakers,
Boardrooms have been busy recently, with a trend emerging towards more management buyouts (MBOs), as founders seek succession, management teams vie for ownership and investors hunt for value.
Peter Walker investigates.
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Last summer saw something of an MBO spree in Scotland that got the Rainmakers community scratching their heads that they were at the forefront of entrepreneurial trendsetting.
In June, Scottish hospitality group Buzzworks’ managing director Kenny Blair took control of the family business, which was founded in Ayrshire in 1978 and led alongside siblings Colin and Alison. The deal was been part of a long-term succession strategy and will see them stay on in advisory roles. Funding was been raised through Alchemy Partners, while long-time backer West Coast Capital remains an investor and Cynergy Bank joined as the new banking partner.
At the end of August, London-headquartered Quattro Group sold Glasgow-based plant hire business AB2K to its management team of Stuart Gardner and Mark Kirkwood, having itself acquired what was then named AB2000 in 2018, from founder Adam Bruce.
Finally, in September, Tustain Motors – which has seven car and commercial dealerships across Scotland and the north of England – was bought out by its leadership, with previous owners David Storey and Brian Baxter exiting the operational business and moving to a co-chairman role.
Let’s look at the numbers, which seem to back up the hunch that something’s afoot. According to analysis of PitchBook data by RSM UK shows UK private equity-backed buyouts rose 19% from 351 in the third quarter of 2025 to 417 in the fourth, although this was down 16% from 495 in the same quarter during 2024.
