Case Study

IPE Ventures
IPE Ventures is an acquisitive group. They were approached by advisors acting for Taskmaster as a potential acquirer and they instructed us to advise them on the transaction. Taskmaster offered a good strategic fit for IPE.


We reviewed the Information Memorandum with IPE, evaluated the business and its strategic fit, assessed operational synergies and agreed the bid to be submitted, which we prepared. We also evaluated and negotiated the Locked Box calculations which had been provided and various proposed conditions of the deal and shareholders terms. After some negotiation our offer was accepted.

We then signed Heads of Agreement, assisted with the Due Diligence and contract negotiations, monitored ongoing performance of taskmaster during the deal process and managed the transaction through to Completion.



The transaction was completed to everyone’s satisfaction. There were a number of variations to the terms agreed in the Heads as a result of the performance of the business during the intervening period and certain other matters, but these were recognised as fair and reasonable by Taskmaster and their advisors. The business has integrated into IPE Ventures well.
“We are grateful to Philip Ellis and the Optima team for their advice, from helping to prepare the initial offer to deal structuring, assisting with negotiations, helping to manage the deal process and working with our other advisors to coordinate through to Completion.”
Adam Fletcher
Group CEO of IPE Ventures