Abracs sold to new Leeds investment company
YORK-based supplier of abrasives and accessories, Abracs, has been acquired by a new Leeds investment company as part of a multi-million pound deal.
The buyer was a new company established as an investment vehicle for a group of high net-worth individuals in Yorkshire who have previously acquired other similar businesses in the region. It has been bought for an undisclosed sum.
Abracs, which is based in Northminster Business Park, and has a warehouse in Dunnington, was established in 2003, when it demerged from York power tools supplier Elcocks Limited.
The business which has a turnover of £5m is one of the UK’s leading suppliers of premium quality branded abrasives and accessories, including Phoenix and Proflex-branded abrasive and cutting products.
The existing management team will continue to run the business and the jobs of the 18 staff will not be affected by the sale.
The York office of Yorkshire accountants Garbutt & Elliott acted as lead advisors for Abracs in the deal, while James Towler of York law firm Langleys provided legal advice. Bank finance and financial advice was provided by Yorkshire Bank.
Senior manager within Garbutt & Elliott’s corporate finance team, Graham Garbett, said: “The sale was precipitated by the retirement of managing director David Elcock. As a result of David’s impending retirement, we were appointed to find a buyer and to provide financial advice at all stages of the sale process.
“It gave me great pleasure that David Elcock and his fellow shareholders were able to achieve their twin goal of selling the business at a price which reflected the high quality of its customers, suppliers and staff, and to sell it to a forward- thinking Yorkshire based acquisition team. I am proud to have been associated with this deal.”
Jonathan Priestley of Leeds-based lawyers 3Volution advised the buyers. He said: “We are delighted to have worked on this important acquisition and look forward to seeing Abracs going from strength to strength over the next few years.”
The Garbutt & Elliott team was Graham Garbett and corporate finance colleague Tariq Javaid, co-ordinated by senior partner David Dickson.
