Pictured: (l-r) Ateeq Ahmed (Harvey Ingram), Nic Hanlon
(NatWest), David Keene (Hicorp95), Justin Sparks (Springboard
Corporate Finance)
Birmingham based Leacy MG, a leading supplier of classic car
components, has recently been acquired by Hicorp95 Ltd with equity
funding provided by Cedar Invest and additional financial support
from NatWest.
David Keene, CEO of Hicorp95, who has a strong track record in
the automotive sector, is planning to build on Leacy's strong
reputation and service offering with a view to expanding their
current product range of over 50,000 classic vehicle parts and
develop their online sales both in the UK and abroad.
David Keene commented that "with over 28 years experience in the
automotive industry I am delighted to be leading Leacy MG into the
future. We are keen to ensure that the historical depth of
knowledge, reputation for good customer service and high level of
stock holding are maintained and we aim to enhance the company's
ability to stock a wide variety of vehicle marques and supply the
international market as we move forward. An exciting new website
and faster processing systems to be implemented will mean even
quicker order fulfilment for customers".
Justin Sparks of Springboard Corporate Finance who acted as lead
adviser on the transaction said: "we were delighted to support our
client to structure and finance the acquisition of Leacy MG, a
successful privately owned business in the West Midlands, with
funding from the Midlands finance community."
Nic Hanlon, director, structured finance at NatWest added: "this
is a business operating in an established market and provides
evidence of the good investment opportunities that exist in the
West Midlands despite the tough economic environment we are all
operating within. Our funding is designed to not only complete the
transaction, but also support additional growth in the
business."
Leacy MG will also be changing its name going forward to "Leacy
Classics" with an exciting launch of the new website
www.leacyclassics.com this month. David Keene commented that "the
new website will allow us to expand our offering to a greater
audience and ensure speedy delivery of orders to customers around
the world".
The Birmingham Office of Harvey Ingram LLP, led by head of
corporate Mat Harvey acted for the buyer with HBJ Gateley Wareing
and BDO advising NatWest.