A management buy-in at automotive component supplier, Excel Components Ltd will allow the West Yorkshire based business to implement new product lines and accelerate growth over the next few years.
MBI at Excel Components led by Hart Shaw Corporate Finance, Taylor & Emmet Solicitors and funded by ABN AMRO Commercial Finance
The deal, led by South Yorkshire based advisers Hart Shaw Corporate Finance and Taylor & Emmet Solicitors, and funded by ABN AMRO Commercial Finance has allowed new Directors Martin Butterworth and Adrian Lamb to buy into the business and bring their extensive expertise to expand into new complementary markets.
Excel Components currently has a turnover of £2.6m, which is expected to double within the next three years as a result of the deal.
Managing Director of Excel Components Ltd, Martin Butterworth comments: “Whilst the deal had some complications, over a period of 6-months, we were happy to get past the line and acquire an established business in the UK Automotive aftermarket.
“Excel Components is the ideal platform for Adrian and me to further grow the business – especially with our contacts. We have many friends in our sector following over a combined 50-years in the industry and look forward to renewing these acquaintances.
“In respect of Hart Shaw and Taylor & Emmet, I can only wax lyrical about the excellent support and guidance, in particular from Patrick Abel and Joshua Greveson (Hart Shaw). Peter Crawford and Lisa Wallis from Taylor & Emmet solicitors came highly recommended and we were impressed with their hard work and professionalism.
“Both Adrian and I can now concentrate on our ‘day jobs’ and are full of optimism for a bright future with Excel Components. The brand is still relatively young but has a growing reputation as an affordable quality name, however, the hard work starts here and now.
“A heartfelt thank you to all for the invaluable expertise.”
Patrick Abel, Corporate Finance Partner at Hart Shaw said: “We are delighted to have worked with Martin and Adrian to conclude this deal. Management buy-in’s are difficult to fund in the current financial environment, however the knowledge and experience of the management team coupled with Excel Components strong position in the sector made the deal possible. We were able to introduce ABN AMRO Commercial Finance to provide funding to make the deal happen and to meet the requirements for growth and diversification.
“This is a particularly pleasing deal for Hart Shaw Corporate Finance as this represents a hat-trick of deals for the department in 2015.”
Peter Crawford, Partner at Taylor & Emmet adds: “Having advised Martin and Adrian throughout the transaction process, it is clear that the strength of their industry background, combined with Excel Components’ brand will allow them to drive this business forward and achieve great success over the coming years.”
James Elliott of ABN AMRO Commercial Finance concludes: “I and ABN AMRO were delighted to support and fund this transaction. Adrian and Martin have significant experience within the sector and have ambitious plans to develop what is already a well respected and successful business.
“ABN AMRO were able to put together a funding package which ensured the deal could happen but also allowed flexibility for the forecasted future growth of the business. It was also a pleasure to once again work with Patrick and Peter who showed great patience and determination to overcome some last minute challenges to ensure the deal completed in a timely fashion.”
Patrick Abel, Corporate Finance Partner
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