JCP Solicitors Advises Seven-Figure MBO For DRAC Consulting
JCP Solicitors’ Corporate Commercial team has advised the buyer of DRAC Consulting, a Cardiff-based building services engineering company, on a Management Buy Out (MBO) supported by a seven-figure equity investment from the Development Bank of Wales.
Betsan Powell, Director and Joint Head of the Corporate Commercial team at JCP Solicitors, acted for Lewis Doherty in the transaction, a significant milestone in ensuring the business’s long‑established family values continue into the next generation.
Working alongside Tanya Wilson and Chris Thomas of SME Finance Partners, Betsan advised on the deal which sees Lewis — who joined the company in 2015 — take over from founder Russel Williams and his father and co‑founder, Carl Bassett. As part of the new leadership structure, Chris Thomas will also join DRAC Consulting as Non‑Executive Chair.
Founded in 2009, DRAC Consulting provides mechanical, electrical and public health (MEP) engineering consultancy services, advising, designing and supervising building services across a wide range of public and private sector construction projects.
Lewis Doherty, Managing Director of DRAC Consulting, said: “DRAC is a business built from the ground up, and it means a great deal to take it forward. This transition has always been about continuity for our clients, our team and our partners. I simply want to build steadily on what’s already a strong and well-respected business.
“JCP Solicitors ensured a smooth transition for everyone involved, taking the time to support us in developing a strategy for long-term, sustainably managed growth. The buy-out has secured the future of the business and protected 20 jobs, including three apprenticeships, and I am confident we are well placed for the company’s new chapter.”
Betsan Powell said: “Advising Lewis and the new management team has brought a long‑term succession plan to fruition. With years of preparation behind the scenes, the founding directors were able to reassure clients and staff that the handover would be seamless. We were pleased to work closely with all parties to achieve such a positive outcome.”
Funding for the transaction was provided by the Wales Management Succession Fund, now replaced by the £40 million Wales Business Succession Fund. Financed by the Clwyd Pension Fund, the fund launched in September 2025 and supports management teams seeking to acquire and run their own businesses, offering loans and equity investments between £500,000 and £5 million over terms of one to seven years.
For specialist legal advice and guidance on MBOs or other corporate transactions, please contact Betsan Powell, Director – Corporate Commercial, at betsan.powell@jcpsolicitors.co.uk or calling 03333 208644
Photo is used under licence with the Development Bank of Wales.
Image - Left to Right:
John Babalola – DBW
Russell Williams – Founder
Carl Bassett – Founder
Lewis Doherty – Director