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Spare parts supplier spreads its wings following management buyout
9/05/2008
The Multipart Fleetserve business was sold by Imperial Multipart Limited for an undisclosed figure to T123 Ltd, a company formed by manager Brian Sneyd and financed in part by Venture Finance plc.
Advisors for the vendor on the deal included a team from Brabners Chaffe Street's Manchester corporate department including Manchester head of corporate Tony Harper, associate Jamie Partridge and solicitor Leo Carroll.
Multipart Fleetserve offers a supply chain of spare parts and procurement, stores and inventory management to the likes of VT, Servisair, Asset Co and BAA.
Between the firm's Chorley base and activities at Heathrow and Gatwick airports, it has around 30 employees and last year had a turnover of £12 million.
Mr Sneyd said: “Mulitpart Fleetserve has grown significantly since its inception eight years ago and we have an exciting future ahead of us.
“The firm has gained an excellent reputation with operators relying on medium and large vehicles and equipment fleets, including fire authorities and the Ministry of Defence as well as the airport service firms. I am looking forward to furthering this progress.”
Imperial Multipart Limited is owned ultimately by South African firm Imperial Holdings SA, who bought the company in 2006 from the RAC, but its roots go back to the aftermarket parts supply business of British Leyland.
Other advisors on the deal include Cobbetts who acted for T123 Ltd, The Steve Stuart Partnership who provided T123 Ltd with corporate finance advice and DLA (Leeds) who advised Venture Finance plc.
PICTURED ABOVE L-R: Leo Carroll (BCS), Jamie Partridge (BCS), Chris Gateley (Multipart MD), Paul Roberts (Multipart FD), Brian Sneyd (MD of T123 Ltd) and Tony Harper (BCS)
For further information contact Tony Harper at Brabners Chaffe Street on 0161 836 8800
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