BDB Pitmans advises on MBO of national automotive parts provider
Top 100 law firm BDB Pitmans has acted in the successful Management Buyout (MBO) of Kent-based supplier of wheels and automotive distributors, Wheelwright Ltd (‘Wheelwright’).
Originally established in 1980, Wheelwright are a leading national wheel distributor – offering a European-wide logistics and delivery service from their 14 national and two international logistics facilities. It is formerly a subsidiary of the Alcar Group of companies.
The MBO was led by David McMillan (Sales Director), Thierry Hooker (Operations Director) and incoming Finance Director Malcolm Thomson. The transaction was funded by a combination of debt products from Arbuthnot Commercial ABL and Caple which includes asset-based lending and term loans. BDB Pitmans acted alongside HMT, who advised on the funding.
John Hutchinson, corporate Partner at BDB Pitmans, who led the team on the transaction, remarks:
‘As one might imagine, deals in the automotive sector have been far from straightforward over the last year, due in no small part to the disruption caused by on-off restrictions upon travel. However, as this transaction demonstrates, there is still great potential in the UK automotive industry – and, upon completion of this deal, the management team will no doubt look to capitalise upon the immediate growth opportunities present in a fragmented market.
We pride ourselves in providing a top-quality service whilst advising on complex transactions through what is undoubtedly a challenging period. Deals such as this show there is still no shortage of activity in this sector, and we wish David, Thierry and Malcolm all the very best for the future.’
- For further information, please contact the BDB Pitmans account team at Byfield Consultancy on 0207 092 3999 or email firstname.lastname@example.org.