Team Consulting – change but no change
A key feature of Team Consulting Ltd is that it has always been owned by its staff. Until recently two members of staff – the last remaining founder Andy Fry and current chairman Jerry Turner – held a majority of Team’s shares. As part of a long-planned succession and change to the ownership structure, many of Team’s employees have now acquired most of the shares owned by Mr Fry and Mr Turner.
The response from staff has been fantastic and now over 80% of Team employees, representing the full range of ages, stage of career or expertise, are shareholders. This was only possible with significant personal investment and commitment from the staff. Team’s culture is unique and a key part of this has been the private ownership that has enabled Team to develop the company organically and enable the staff to share in its success.
“Many companies go down the route of looking to external equity investors when large shareholders want to realise their investment. We didn’t want to do this. We’ve seen some amazing growth over the last three years and our business is in very good health. We are delighted that together we have been able to complete this staff-led buy-out and keep Team 100% owned by the staff. We are also extremely proud that both Andy and Jerry have been able to profit from their years of effort and investment in Team,” said Dan Flicos, CEO.
Commenting on the change, Andy Fry – who founded Team in 1986 with four friends from PA Consulting – said: “I’m delighted that my colleagues can benefit from Team’s continual growth and that I can realise the value of my work over the last 28 years. I remain as hungry as ever and, despite selling down the majority of my shares, I will continue to do everything I can to help us keep growing and delivering great medical devices for our clients.”
Also commenting on the news, Jerry Turner said: “I’ve enjoyed every moment of my 20 plus years at Team. I loved playing a part in the company’s early growth and now, with Dan as CEO and share ownership broader than ever among the staff, I feel an immense sense of pride in this great company and I look forward to continuing to be part of our success in my role as Chairman.”
Both Jerry Turner and Andy Fry will remain at Team in their current roles with the change of share ownership having no impact.
Please note that no financial information regarding the buy-out will be disclosed. Team continues to trade under the name Team Consulting but to facilitate the transaction, Team Holdings (UK) Limited has been acquired by the new parent Team Medical Devices Limited.