Directors of Birmingham-based Paintbox have led a management buyout of the automotive painting company from its American parent company.
The new business, calledd Paintbox Ltd, numbers bluechip clients such as Bentley, Land Rover, Jaguar and Aston Martin among its customers.
The management team led by managing director James Sharp, financial director Philip London and shareholder Karl Durham, has paid an undisclosed sum for the business from ADAC. The non-executive chairman is former Wragge & Co partner Bob Gilbert.
The deal was advised by the Midlands office of accountants and business advisers Horwath Clark Whitehill and Birmingham lawyers HBJ Gateley Wareing, and funded by Venture Finance plc, part of the ABN_AMRO Group.
The new business employs 300 people at sites including Kings Norton, Birmingham, Banbury in Oxfordshire, and Brackley, Northamptonshire, and has an annual turnover of about £33 million.
As well as Bentley, BMW, Land Rover, Jaguar and Aston Martin, the business also provides automotive painting services to tier 1 and 2 suppliers both in the UK and increasingly to automotive businesses throughout Europe.
James Sharp said: "This was a deal that came at a good time for both parties."
Richard Wherton of Horwath Clark Whitehill said: "This was an excellent buy-out opportunity and we are sure that James Sharpe and his core team will build on an already impressive customer base and exciting opportunities."
Tom Durrant, corporate partner in the Birmingham office of HBJ Gateley Wareing, added: "The automotive sector is a tough place to be, but this management team has the expertise and enthusiasm to thrive."