Orbis Partners has notched up its third deal so far this year - the multimillion pound management buyout of international fashion accessory firm Elite Creations.
The deal was arranged by Gary Ecob at the Birmingham-based firm 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 offices and showrooms in Hong Kong and London with a UK-based design team and a turnover of up to £20 million. The management buyout team was headed by Nitesh Sakhrani, who has been chief executive for ten years. He will be supported by Lavesh Sakhrani, sales director.
Gary Ecob, partner at Orbis Partners, said: “We are delighted to have supported Nitesh and his team in concluding this buy-out.
“Elite has performed phenomenally well in a very competitive recessionary environment, where product design and innovation has propelled them forwards.
“Elite has created a great opportunity to continue its global expansion through its worldwide design and sourcing expertise and international office base”.
Freeth Cartwright corporate finance partner Mr Clifford added: “The MBO will provide the management team with an excellent opportunity to capitalise on market growth in their particular sector.”