A Hampshire-based business that makes complex kinetic parts for major car manufacturers has been acquired by three senior members of its existing management team after securing a multi-million pound finance package from HSBC.
Leading law firm Blake Morgan advised HSBC on the finance deal that supported the management buy-out. As well as HSBC, the MBO was facilitated by a number of other local firms, including Meridian Corporate Finance, which structured, led and project-managed the management buyout from beginning to end, law firms Trethowans, which acted for the company, and accountancy firm KPMG, which performed financial and commercial due diligence.
The management buyout (MBO) of CT Automotive, which was established in Portsmouth in 2000, sees two of the three original founders – Jason Philips and Oliver Whitfield – bought out of the business. The new management team consists of Scott McKenzie, managing director since 2014; David Wilkinson, group finance director since 2011; and Simon Phillips, co-founder and executive chairman.
Anthony Reed, HSBC’s Area Director for Hampshire & Dorset, commented: “HSBC has banked CT Automotive since 2000 and in that time the business has gone from strength to strength, undergoing a massive period of growth and employing more than 2,000 people. We would like to thank the team at Blake Morgan for their help in securing this latest round of funding – which means the management team can continue to grow the business and explore new markets.”
Steve Cole, Banking & Finance Partner at Blake Morgan, said: “We are pleased to have played a key role in this transaction, which further enhances our reputation as leading legal advisors on corporate and financial transactions in the region.”
The key individuals in his team were Christian Hazelton (Corporate) and Laura Barrett (Banking and Finance).
CT Automotive has grown to a $100m revenue multinational group with manufacturing locations in Shenzen and Ganzhou in China, Istanbul in Turkey and Sunderland in the UK.