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.
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.”
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.
For more information visit http://ctautomotive.com/