BIMBO on promotion and sale of bio-fuels

By Kevin Sullivan

A joint venture for promotion and sale of bio-fuels, including a long term supply agreement with a national utilities provider, was handled by Kevin Sullivan.

Kevin acted for a large family run business with a trading history of over 40 years in a joint venture with the founders of an existing bio-fuels company which had won a tender for a large utilities provider.

Kevin commented: “This was an interesting transaction dealing with a product for the future.  It was a BIMBO, a ‘buy-in management buy-out’. I dealt with the necessary agreements for the joint venture company, the vehicle used to exploit new technologies for bio-fuels, with our client taking a slight majority of its ownership.  We also needed to document the acquisition of the founders’ previous business and our client’s contribution to it, consisting of funding and performance guarantees.  This was all a pre-requisite for the utilities provider which required our client’s backing before agreeing the long term supply agreement.”

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