Hicorp95 buys classic car supply company

BIRMINGHAM-based classic car component supplier Leacy MG has been acquired by Hicorp95 in an undisclosed deal.

David Keene, chief executive of Hicorp95, also based in Birmingham, said he was planning to build on Leacy’s reputation and service offering with the aim of expanding its current product range of over 50,000.

In addition, Leacy MG will change its name to Leacy Classics and will be launching a new website.

The deal was backed with equity funding from Cedar Invest and NatWest and was advised upon by Springboard Corporate Finance, Harvey Ingram, HBJ Gateley Wareing and BDO.

Mr Keene said: “I am delighted to be leading Leacy MG into the future. We are keen to ensure the historical depth of knowledge, reputation for good customer service and high level of stock holding are maintained.

“We aim to enhance the company’s ability to stock a wide variety of vehicle marques and supply the international market as we move forward.”

Nic Hanlon, structured finance director at NatWest, added: “This is a business operating in an established market and provides evidence of the good investment opportunities that exist in the West Midlands.”