MBO at Cisco Gold Partner CAE

CEO Justin Harling and COO Richard Behan buy out other shareholders

CAE Technology Services has been acquired by its existing CEO and COO, after crossing the £100m revenue barrier earlier this year.

Chief executive Justin Harling, along with Richard Behan, has bought the firm via new holding company Caerus Assets Limited.

Harling (pictured) said: "Richard and I passionately believe that CAE has the potential to be one of the most influential suppliers of IT infrastructure solutions.

"We are confident that this acquisition will put CAE in the best possible position to move forward with purpose, pace and agility and allow the company to enjoy a continued period of growth for the long term.

"We are both genuinely excited to have completed this acquisition and now have enormous desire to see what can be achieved with the amazing teams that exist throughout the business."

CAE hit revenue of £103.9m for the year ending 30 June 2018, soon after restructuring its management team into a C-suite model.

Boss Harling joined CAE in 2000, before becoming managing director and shareholder in 2004, and CEO in May.

The acquisition has been funded by CAE's existing banking facility and involves no third-party funding, the firm said.