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Firstline Limited, the Bicester-based automotive component
distributor has undergone a secondary buy-out from Aberdeen
Murray Johnstone Private Equity with Birmingham's Enterprise
Finance Europe (EFE), one of the UK's leading asset based
lenders, providing invoice discounting, stock and trade finance
facilities to support the deal.
Firstline supply the vehicle aftermarket
with an extensive range of chassis, engine and braking components,
all of which undergo continuous research and development.
Key customers include; independent motor
factors and warehouse distributors. Established for over 20
years, Firstline employs 90 staff and has a turnover of £12
million.
The current directors sold the business in
1997 to the Finelist Group. Whilst Firstline continued to
perform well, difficulties in other parts of the group led
to its failure in 2000.
Firstline was bought back from the Receivers
with the backing of Aberdeen Murray Johnstone Private Equity
(AMJPE) in December 2000. The funding by EFE has enabled the
directors to complete the secondary buy-out from AMJPE and
take control of the business again.
Peter Joyner, managing director of Firstline
commented: "It's a great feeling to be truly independent
again and having the support Enterprise Finance for the future."
Enterprise Finance Europe director, Ian Bath
who led the deal said; "We are delighted to have supported
Peter and his team with this transaction. Despite difficult
trading conditions which have seen a number of their competitors
fail, Firstline have become a leading niche player in the
market with a strong emphasis on service.
"The package of facilities structured
for the company by EFE not only enabled the transaction to
complete, but provide the facility that the company require
to take advantage of future growth opportunities."
DLA Piper in Birmingham (Stephen Bottley and Natalie Town)
advised EFE with Gary Ecob of Kroll Corporate Finance advising
the management team.
PHOTO: Left to right: Peter Joyner (Firstline),
Ian Bath (Enterprise Finance Europe), John Madden (Firstline)
and Gary Ecob (Kroll Corporate Finance) |
