Springboard Corporate Finance is pleased to announce that it has advised on the vendor assisted management buy-out of Tesla UK Limited.
About the deal
Established in 2009 by entrepreneur John Hardcastle and based in Minworth, Sutton Coldfield, Tesla is a leading manufacturer and supplier into the heating and plumbing industries. Tesla supplies products to national and independent merchants and distributors in the UK and overseas generating a turnover in excess of £10million.
The management team, led by Trish Quinn, has acquired a significant majority stake in the business with funding support from Barclays.
John Hardcastle commented “Following a review undertaken by Springboard I felt that a vendor assisted deal was the best way of realising value whilst protecting the unique culture of Tesla. I am delighted to be handing over the reins to such an experienced team, headed by Trish, who I’m sure will deliver further growth and success in the future.”
Trish Quinn added “This transaction presents a great opportunity for myself and the wider management team. We look forward to continuing to develop innovative products and to maintaining and growing our customer and supplier relationships.”
The shareholders were advised on the sale by Simon Ward, Jonathan Wright and David Lee. Simon commented “We are really pleased to have been able to support John on the sale of his business and to have assisted with the fund raising to facilitate this transaction. John had the vision to not only grow a business with a strong service ethos and product focus but also to recruit a great management team capable of continuing to develop the business. We wish them every success for the future.”
How we made a difference
- Negotiated a heads of terms between the vendors and the management team;
- Ran a competitive fundraising process resulting in multiple debt offers to deliver the deal; and
- Project managed the process at all stages, securing a successful completion.
Trish Quinn - Managing Director, Tesla UK
Springboard were with us every step of the way, from initial discussion through to completion. It has been a steep learning curve for our team but Springboard supported and guided us throughout with a professional yet friendly approach.