Management buyout at vehicle components business
A management buyout (MBO) has been completed at Doncaster-based company Juratek, which specialises in supplying vehicle braking and suspension products.
Founded in 1995, Juratek provides automotive aftermarket braking products for both light and commercial vehicles. The £16m turnover company employs more than 50 people and distributes around the world.
Existing shareholder Matt Robinson (managing director), Toby Whewell (sales and marketing director) and Mark Clegg (operations director) have now taken full control after acquiring the remaining shareholding from outgoing chairman Allan Hooks.
Robinson said: “We are delighted to have completed the acquisition of Juratek and have exciting plans to continue the growth of the company both in the UK and overseas markets.
“The company has seen a sustained period of growth and transition in the past five years and we are well placed to take advantage of the opportunities open to us.
“I was keen for Mark and Toby to join me in the management buyout. Between us we have over 70 years’ experience in the automotive aftermarket, yet we also retain the energy and passion needed to drive the company to even greater success.”
Hooks said “I have seen Juratek grow and develop into a well-respected aftermarket company both in the UK and Europe. Its commitment to quality in all areas of its business remains paramount to its trading ethos. After 20 years with the company I believe it is time for me to hand over the reins to the management team led by Matt Robinson, in whom I have full confidence.”
Sheffield-based accountancy firm Shorts teamed up with Wake Smith and HSBC to act as lead advisors, legal representatives and funders on the MBO.
Andy Ryder, corporate finance partner with Shorts, said: “It was a pleasure to assist Matt, Toby and Mark to complete the buy-out of a business which they have been key to driving over recent times.”
Chris Alsop, relationship director at HSBC, said: “Juratek have gone from strength-to-strength and I’m confident Matt and his team will take the business to the next level. I am pleased to have supported them in this buy-out.”
Director and Head of Company Commercial at Wake Smith Solicitors, Duncan Shepherd, said: “We advised Matt Robinson, the existing Juratek MD, on the MBO from Allan Hooks, together with putting in place a structure involving two new minority shareholders Mark Clegg and Toby Whewell which will enable Juratek to take the next step in its ongoing development.”
HSBC was advised by BHP (financial due diligence) and Irwin Mitchell (legal advice).
