Cameron-Price Limited has been acquired by its management in a transaction supported by senior debt and working capital facilities provided by Yorkshire Bank Specialist and Acquisition Finance.
The Yorkshire Bank team was led by Ian Mansell and Ian Howey, Senior Directors in the Midlands’ team and Heather Griffin, Automotive Sector Director.
The management team was advised by Roy Farmer and Rob Wilson of Dains Corporate Finance.
The multi-million pound deal sees Managing Director, Barry Moor, acquire a majority stake in the business and provides for the retirement of Chairman, Tony Banks MBE. Moor has been with the business for 21 years and was appointed MD in 2011.
Cameron-Price, which is based in Stirchley, is a specialist injection moulding and assembly business of high value technical components predominantly for the automotive industry.
It is well placed as a strategic supplier to several UK Tier one businesses, with strong relationships directly to OEMs including JLR, BMW, Toyota, Ford and Nissan. Other specialist products are supplied to a range of industrial applications.
Yorkshire Bank provided a combination of cash flow loans, a property mortgage and working capital facilities totalling £6.6 million.
Ian Mansell said: “We were impressed by what we saw at Cameron-Price from the outset. The business has a long track record as a specialist injection-moulder but, under the leadership of Barry Moor, the company has moved up the value chain by supplying assembled parts, often direct to track-side on a just-in-time basis. Barry has ambitious plans for the business and we look forward to partnering with him as the business grows.”
Barry Moor said: “We are delighted to have received the backing of Yorkshire Bank for the transaction. The team showed a genuine depth of understanding of the automotive supply chain dynamics and structured the financing accordingly.”
Roy Farmer said; “This transaction is a great outcome all round. As a firm our relationship with the business goes back over 20 years, and we have been working closely with the shareholders and management team over the past few years to help shape this transaction.
“The deal provides Barry and his team with the potential to take Cameron-Price to the next level. There are a number of strands to the financing structure which Yorkshire Bank has made available which combines efficient use of the company’s strong asset base alongside cash flow lending.”
Legal advice to Yorkshire Bank was provided by David Doogan at Pinsent Masons. Tax advice was provided by David Bradshaw and Caroline Bland at Dains. Malcolm Cook at BDO provided financial due diligence. Mat Harvey at Weightmans advised management and Tom Durrant at Gateleys provided legal advice to the vendors.