Management speeds off with H&L stake
Article Date: Oct 03 2007Management at H&L Garages, a group of Mercedes-Benz dealerships, has taken control of the business after completing a secondary buy-out. Chief executive Brett Whittingam has bought private equity firm Endless’ 40 per cent stake in the business.
The deal figures have not been disclosed, but funding was provided by The Royal Bank of Scotland (RBS), which also part-financed the original buy-out.
Endless exited the business exactly a year after backing the £8.5 million original buy-out from PD Ports.
A spokeperson for Endless declined to reveal how much the firm made from the deal, but explained that the initial plan was to back the management team for three to four years. This all changed when the business performed better than expected, prompting RBS to come through with a package giving management 100 per cent ownership after just one year.
The buy-out team was advised by Park Place Corporate Finance with legal services provided by Walker Morris. Ernst & Young compiled a due diligence report of the target business.
H&L has six dealerships across North Yorkshire, Humberside and Lincolnshire selling new and used trucks and vans. The group also provides servicing and body repairs.
