Wed, 07 Feb 2018 | MBO/MBI
A management buy-out (MBO) at Birmingham-headquartered manufacturer Tesla UK could see the company launch to new heights, its new management team has suggested.
A management team led by Trish Quinn, managing director, successfully made a deal to take over the company, which manufacturers and supplies components for the heating and plumbing industries and is based in Sutton Coldfield.
Tesla works largely with national and independent traders in the UK as well as overseas clients, generating more than £10 million in turnover annually. It was founded in 2009 by John Hardcastle, an entrepreneur.
Its leading products include brass fittings, gas pipes and fire valves, though Tesla’s website says it has “specialist knowledge” of domestic cooker hoses and immersion heaters.
Quinn and her fellow managers were advised on legal matters by Higgs & Sons, helped through financial hurdles by fellow Birmingham firm Springboard Corporate Finance and was supported with funding by Barclays to acquire a “significant majority stake” in the firm.
The firm’s founder Hardcastle said that Springboard advised him that a vendor-assisted deal was “the best way of realising value” while protecting Tesla’s unique culture.
He added: “I am delighted to be handing over the reins to such an experienced team, headed by Trish, who I’m sure will deliver further growth and success in the future."
Quinn, meanwhile, said that she and her team took advantage of a “great opportunity” to advance the company.
She added: “We look forward to continuing to develop innovative products and to maintaining and growing our customer and supplier relationships."
Tesla’s shareholders were also advised by Springboard Corporate Finance who also assisted in the fundraising process, while they sought legal advice from Blackhams Solicitors.
Long established community pharmacy. First time on the market in 30 years. Now occupying exemplary new purpose built accommodation. Standard hours. Offers invited.
Works closely with clients to produce interior design solutions for educational institutions, which could be marketed to more sectors.Additionally offers an array of creative media, including videos,presentations, websites, branding and full direct m...
Unopposed health centre pharmacy. Semi-rural location. In receipt of Pharmacy Access Scheme payments. Offers invited.
Chelmsford-based warehouse management solutions provider Min...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources