Lightfoot International is a specialist provider of refrigeration, air conditioning and HVAC solutions for military applications, supplying highly engineered cooling systems for naval vessels, submarines and military aircraft support equipment. 

When Terry Nichols and Paul Hopkins began planning the sale of Lightfoot International, they knew they wanted more than just a successful transaction. They wanted to maximise the value of the business, build a sustainable leadership team, and find a buyer who would continue the company’s success and ethos. 

Working with Elephants Child over an 18-24 month period, Lightfoot International transformed the business,  approximately doubled its valuation, and successfully completed the sale. 

 

What was the catalyst? 

Although the business operated in a strong niche market, Terry and Paul recognised that much of the company’s success depended on them personally. To maximise its value and make it attractive to buyers, they needed to create a business that could thrive without its founders at the centre of every decision. 

As Terry explains: 

“We looked at the business, how it operated, what resources we had and what capabilities we had. We broke it all down and started putting it back together, which enabled us to identify all the gaps we needed to fill to make us a very attractive business to buy.” 

The Exit Journey 

Elephants Child worked alongside the leadership team to create a structured exit strategy, together, we developed a clear roadmap to increase the value of the business and prepare it for a successful sale. 

A key priority was reducing the business’s reliance on its owners. To achieve this, Elephants Child supported Lightfoot International to restructure its management team, including helping to appoint a new Managing Director and strengthening its commercial capability with two Business Development Directors. At the same time, the company evolved its market positioning, rebranding from Lightfoot Defence to Lightfoot International to support expansion into new markets and create a broader platform for future growth. 

Alongside these changes, we worked closely with the Board to strengthen governance and formalise the operational structure of the business. Acting as Board Advisors throughout the engagement, they helped establish more robust board processes, clearer strategic planning and greater accountability across the leadership team, while identifying operational and process gaps that would typically be scrutinised during buyer due diligence. 

Developing the leadership team was another important part of the journey. Through one-to-one mentoring and coaching, the new Managing Director and Business Development Directors were supported in building the confidence, skills and strategic mindset needed to lead the business independently. Practical workshops, including our Juicing It and Sales Process offers, also helped the wider team identify opportunities for growth, strengthen sales performance and protect margins. 

As the business became increasingly independent of its founders, attention turned to preparing for sale. We oversaw the development of a comprehensive data room, ensuring the business was organised and ready for buyer due diligence. We also introduced one of our trusted Corporate Finance partners to manage the sale process, from preparing the Teaser and Information Memorandum through to managing negotiations and helping identify a buyer whose culture and values aligned with those of Terry and Paul. 

Throughout the process, Dave Humby and Martin Brown remained on hand as trusted advisors, providing practical guidance, challenging ideas and acting as a sounding board whenever questions or concerns arose. 

 

The End Result 

Within less than two years, Lightfoot International successfully completed the sale of the business. 

The investment in leadership, governance and preparation not only increased the company’s value but also impressed prospective buyers, who commented on the quality of the business and its documentation. 

Perhaps most importantly, Terry and Paul were able to find a buyer who aligned with their values and commitment to their employees. 

Reflecting on the journey, Terry said: 

“We started with one valuation and, in a very short period of time, almost doubled it. Would we have got there anyway? Probably, but it would have taken much longer and been far more stressful. Elephants Child broke everything down into a logical process that kept us moving forward, and their input and guidance shouldn’t be underestimated.”