Middletons advised the existing shareholders on the deal.

Talgentra Pacific Group is a specialist software solutions developer for energy, water and airport utilities.

Middletons lead partner on the deal, John Mann, said the deal was complicated.

"This was a very complicated transaction, which involved coordinating the interests of the majority Talgentra Pacific Group shareholders, combined with a detailed corporate restructure of the management shareholding and subsequent rollover of interests in Talgentra Pacific Group into a new corporate structure,” he said.

“The transaction was further complicated by the finance arrangements to fund the transaction along with a trans-Tasman element, seeing a coordinated approach between Middletons and Kensington Swan, both acting for the management-led acquisition vehicle."

In the course of the transaction, Middletons worked with Katie Carson and Chris Parke of Kensington Swan, who acted on the New Zealand aspects of the matter.

Mann said: "Management-led buyouts are not uncommon and we have considerable experience with this type of acquisition."

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When asked about current deal flow levels and general activity in the market, Mann said, "We do much of our work in the mid-market. This is where we have particular expertise and have seen a large volume of deals in recent times."

Mann was principally assisted by lawyer Nick Dahlstrom in completing this transaction.