Management buyout at Suresite Group

A Preston-based payment processing and compliance service provider has completed a management buyout. 

Suresite Group has been established for more than 30 years and the MBO marks the retirement of founder Geoff Oldham and formalises the succession of leadership to the executive management team, led by chief executive Steve Hoban, pictured, and chief strategy officer Matt Oldham.

Geoff will remain a significant shareholder and continue to serve as an ambassador for the business.

Details of the deal have been undisclosed.

Triple Point’s Private Credit team supported the deal and created a flexible funding package to facilitate the transaction and support Suresite’s long-term growth strategy, including expansion into new markets and geographies.

Continued investment in its team, technology and growth initiatives has enabled Suresite to expand beyond its traditional fuel retail focus, establishing a leading payments specialist across fuel, unattended retail, franchise networks and EV charging (now branded as ‘Attenda’).

Steve Hoban, chief executive at Suresite said: “We are excited to have secured funding with Triple Point.

“They were extremely supportive through the process which was new to us as an SME and they were flexible to our needs.

“Post completion the relationship has continued to be positive and collaborative. We are looking forward to continuing to work together and appreciate the investment in the North West!”

Paul Dolyniuk, who leads Triple Point’s SME Debt Finance activity in the North, said: “Suresite is an impressive, fast-growing business with a clear strategic vision – one that requires a flexible, long-term funding partner.

“Based here in Lancashire, I am proud to support a local business with national presence and look forward to a successful journey ahead.”

Advisors to the transaction and fundraising process were RSM Debt Advisory, RSM Tax, Napthens LLP and Pierce Corporate Finance.