Pioneering Wiltshire-based parking software company Chipside has completed its sale to fellow specialist based in the South West, in a deal advised by Thrings.
Chipside Ltd is the market leader in local authority parking and enforcement technology, having founded the service more than two decades ago, with its MiPermit software used across the country by local councils in taking payment for vehicle parking.
The sale to Unity5, a producer of cloud-based enforcement and compliance management software, will bring together the two organisations’ impressive resources to drive innovation in the sector and boost their collective offering to local authorities and private operators.
A longtime client of the firm, Chipside was founded more than 20 years ago with the support of the firm’s Head of Corporate John Davies – then a newly qualified solicitor – with the relationship having spanned the entire life cycle of the business as John once again acted for the company in its sale.
Thrings’ Corporate team, which also including Senior Partner Jonathan Payne, Associate Conor Melvin and Solicitor Shana McBean, represented Chipside’s six founding shareholders in all legal aspects of the sale. This included the curation of more than 50 interested party NDAs, the negotiation of the share purchase agreement and delivering on the personal terms for all parties involved.
The team also carried out a thorough vendor due diligence exercise through the creation of a detailed data room, an activity normally carried out by the buyer, which helped ensure a smooth sale for the client.
David Wright, one of Chipside’s selling shareholders said: “Selling your business of 20-plus years is incredibly stressful so having John and the Thrings team in our corner made a massive difference for us.
“John was just starting out when he helped us set up Chipside. We have grown up together, professionally speaking, and knowing he and the team are just a phone call away has been the greatest comfort through the ups and down of growing our business.
“During the transaction itself, it was essential that we could trust that the legal side was looked after so we could put energy into other areas. Thrings were selfless in their support, with their long hours, their incredible patience, and the care they put into the work keeping us going.
“Needless to say, the deal would likely have fallen through many times if it weren't for them, and we are eternally grateful for their support!”
John Davies, Thrings’ Head of Corporate, added: “Having built such an excellent longstanding relationship with David and the other shareholders at Chipside, it’s been a pleasure to watch their dream turn into a groundbreaking business and it was bittersweet to advise them throughout the sale. We wish only the very best for each of them in their ventures going forward.”
Thrings’ Corporate lawyers are experienced in advising business owners and leadership from start-ups to multinational firms on all stages of the business life cycle, getting to know your business and its objectives, challenges and unique needs, to advise you in a way that helps you reach your commercial aims. Get in contact to find out how they can help you achieve your objectives.
