Tue, 17 Jun 2014 | MBO/MBI
A Lancashire biking company has been sold by its owners to a management team.
Vesty Holdings, which is based in Burnley, distributes biking parts, clothing and accessories under the Apico brand. It was founded 30 years ago by the Finnish off-road biking World Trials champion Yrjö Vesterinen and his wife Diane.
The couple has sold the business to Dylan Brown and Anna Lena Eriksson, two long-serving managers of the company. Forbes Solicitors and Haworths Chartered Accountants represented the vendors while Napthens Solicitors and Dow Schofield Watts advised the MBO team.
Operating out of a 25,000-square-foot warehouse, the firm employs 24 people and distributes a wide variety of cycling parts for many disciplines, such as motocross, trials, supermoto, trail riding, enduro and quad racing.
The financial terms of the deal have not been disclosed but the new owners say that operations will remain much the same while they try and continue the company’s organic growth.
Mr Vesterinen, commented: "After putting such a large part of my life into Apico, it doesn’t feel like a business, more a living, breathing organism that Diane and I have nurtured from infancy to adulthood.
"Selling Vesty UK and associated assets was not an easy decision. Dylan and Anna have been both our employees and close friends for some time. We feel they have what it takes to continue with Apico and the distributed brands way into the future."
Anna Lena Eriksson added: “We feel very privileged and honoured to have been given the opportunity to continue building on the legacy that Yrjö and Diane have created over the years. Generally not much will change in the way the company will operate. A good customer service is key to the business and will always continue to be."
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