A management buy-out has completed at a Doncaster automotive supplier with the help of Wake Smith Solicitors.
Sheffield’s Wake Smith team up with accountants Shorts and HSBC to act as legal representatives, advisors and funders on the MBO of automotive aftermarket braking products specialists, Juratek Ltd.
Existing shareholders Matt Robinson, managing director; Toby Whewell, sales and marketing director; and Mark Clegg, operations director, have now taken full control of the business after acquiring the remaining shareholding from outgoing chairman Allan Hooks.
Duncan Shepherd, Director and Head of Company Commercial at Wake Smith, said: “We advised Matt Robinson, the existing Juratek MD, on the MBO from Allan Hooks, together with putting in place a structure involving two new minority shareholders Mark Clegg and Toby Whewell which will enable Juratek to take the next step in its ongoing development.”
Andy Ryder, Corporate Finance Partner with Shorts said: “It was a pleasure to assist Matt, Toby and Mark to complete the buy-out of a business which they have been key to driving over recent times.”
Chris Alsop, Relationship Director at HSBC added: “Juratek has gone from strength to strength and I’m confident that Matt and his team will take the business to the next level. I am pleased to have supported them in this buy-out.’’
Matt Robinson said: “We are delighted to have completed the acquisition of Juratek Ltd and have exciting plans to continue the growth of the company both in the UK and overseas markets.
“The company has seen a sustained period of growth and transition in the past five years and we are well placed to take advantage of the opportunities open to us. I was keen for Mark and Toby to join me in the management buyout, between us we have over 70 years’ experience in the automotive aftermarket, yet we also retain the energy and passion needed to drive the company to even greater success.”
Allan Hooks said: “I have seen Juratek grow and develop into a well-respected aftermarket company both in the UK and Europe. Its commitment to quality in all areas of its business remain paramount to its trading ethos.
“After 20 years with the company I believe it is time for me to hand over the reins to the management team led by Matt Robinson, in whom I have full confidence.”
The company, founded in 1995, has an annual turnover of about £16m and employs more than 50 staff.
