Hicorp95 speeds up with Leacy MG buy
Birmingham-based Leacy MG has been acquired by Midlands automotive manufacturer Hicorp95. The purchase of the company, which supplies classic car components, was financed by funding from Cedar Invest and NatWest.
David Keene, chief executive of Hicorp95, said he plans to expand Leacy's product range which currently consists of more than 50,000 classic vehicle parts.
Keene added he wanted to increase the company's online sales both in the UK and abroad.
Leacy MG will change its name to "Leacy Classics" and will launch a new website later this month.
Keene said: "We are keen to ensure that the historical depth of knowledge, reputation for good customer service and high level of stock holding are maintained and we aim to enhance the company's ability to stock a wide variety of vehicle marques and supply the international market as we move forward. An exciting new website and faster processing systems to be implemented will mean even quicker order fulfilment for customers."
Equity funding for the deal was provided by Cedar Invest with additional funding coming from NatWest.
Springboard Corporate Finance acted as lead adviser on the transaction. The Birmingham office of Harvey Ingram LLP, led by head of corporate Mat Harvey, acted for the buyer with HBJ Gateley Wareing and BDO advising NatWest.
Nic Hanlon, director of structured finance at NatWest, added: "This is a business operating in an established market and provides evidence of the good investment opportunities that exist in the West Midlands despite the tough economic environment we are all operating within.
"Our funding is designed to not only complete the transaction, but also support additional growth in the business."
