Birmingham-based professional firms make management buyout possible for MSP Limited
14 February 2007
Three Birmingham-based professional firms have played key roles in the Management Buyout (MBO) of a manufacturer, which provides precision turned parts to companies in the automotive, engineering, gas and domestic sectors.
MSP Ltd, which is based in Coleshill, Warwickshire was provided with a funding package by GE Commercial Finance’s Business Finance unit. Springboard Corporate Finance advised the management team on the buyout, and legal services were provided by, Harvey Ingram LLP’s Birmingham Office.
Led by managing Director, Chris Ferrar, the buyout team also included works director, Steve Smith, and quality director, Martin Smith. They plan to continue to strengthen MSP Ltd’s position in the market through increased focus on higher value added production and to build its presence in other industries, such as the medical sector.
Paul Edmeades, Director, Business Development Midlands, GE Commercial Finance, Business Finance, commented: “MSP is an established and profitable UK business, with an experienced management team that successfully repositioned the business a number of years ago to increase profitability. I am delighted that we have been able to help the company take the first and all important step in this process and wish Chris and his team every success.”
“MSP is an illustration of a traditional UK manufacturer that has successfully adapted to meet the challenges of a highly competitive market place. Through focusing on delivering quality components coupled with high levels of customer service, the business has developed a successful operating model” commented David Neate from Springboard Corporate Finance who acted as lead advisors to the management team.
Heidi Hendon of Birmingham based Harvey Ingram LLP provided legal advice to the management team. Commenting on the transaction “It is always a pleasure to work with local management teams to help them to achieve their dream and become business owners. With over 70 years of combined experience in this business, I am sure that Chris, Steve and Martin will rise to the challenge and take the business forward from strength to strength”.
Chris Ferrar said: “We have a clear vision of the future for the business. As one of the leading providers in this market, there is considerable business potential for us following the MBO and we hope to build on this opportunity and expand.”
For further information contact:
GE Commercial Finance Business Finance/Lansons Communications
Chantal Heckford/Siobhan McCluskey
Tel 0207 294 3630/3684