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.
Hand built in their workshop in Oxfordshire and delivered to enthusiasts and collectors all over the world, this is a fantastic and very rare opportunity to take on a truly iconic brand and develop the business to bring out the full potential that br...
RELOCATABLE
Offers a comprehensive employment process to ensure all candidates are qualified and meet the required safety and licence checks. Offers invited.
LEASEHOLD
Provides a range of specialist consultancy through planning, training and exercising, with a focus on crisis management and business resilience and continuity. Offers invited.
LEASEHOLD
|
15
|
|
Jun
|
Equity funding reaches record high for SMEs | BUSINESS NEWS
As investment rises outside of the capital, small businesses...
|
14
|
|
Jun
|
Bedding retailer fall into administration after running into troubles on the high street | ADMINISTRATION
The Yorkshire Linen company has been forced to shut its door...
|
13
|
|
Jun
|
Sipp firm with a total investment value of £130m enters administration | ADMINISTRATION
GPC Sipp Limited, a firm specialising in providing technical...
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