Orbis advises on Elite MBO
Who?
Orbis Partners.
Did what?
Has completed its third deal of the year, putting together the multimillion-pound management buyout of Elite Creations, one of Europe’s leading suppliers and distributors of fashion accessories.
What does this mean?
The deal was arranged by Gary Ecob at Birmingham-based Orbis Partners LLP, with legal advice from Lee Clifford and Tom Brown at Freeth Cartwright. Funding was provided by HSBC bank and HSBC Invoice finance. Elite Creations has turnover of up to £20m and supplies more than 30 UK retail groups, as well as exporting to customers in Spain, Germany, Scandinavia and the Middle East. The management buyout team is headed by Nitesh Sakhrani, who has been chief executive for ten years. He will be supported by Lavesh Sakhrani, sales director.
Who advised?
Another adviser involved in the deal was Campbell Woolley, which provided tax advice to the Sakhrani family, and JSM, Hong Kong, which provided legal advice to Newco and the bank.
Insider comment:
Freeth Cartwright corporate finance partner Lee Clifford said: “The MBO will provide the management team with an excellent opportunity to capitalise on market growth in their particular sector. There are plans to grow the business significantly and this is perfectly feasible, as the company has strong support from its customer base.
“This deal highlights that as we emerge from the shadow of recession, there are excellent opportunities available for those businesses that can demonstrate demand for a developing product or service, combined with a sound management team to drive the organisation forward.”
