Automotive firm undergoes management buy-in

AUTOMOTIVE parts supplier Excel Components has undergone a management buy-in.

The deal will see new directors Martin Butterworth and Adrian Lamb buy into the business and allow the Normanton firm to expand into new markets.

Excel has a turnover of £2.6m, and the new directors expect it to double within the next three years as a result of the deal.

The deal was funded by ABN AMRO Commercial Finance.

Sheffield advisers Hart Shaw Corporate Finance and Taylor & Emmet Solicitors worked with the pair to ensure the smooth transition to directorship.

Managing director of Excel Components Ltd, Martin Butterworth said: “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 myself to further grow the business – especially with our contacts.

“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.”

Patrick Abel, corporate finance partner at Hart Shaw said: “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.”

Peter Crawford, Partner at Taylor & Emmet added: “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 concluded: “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.”