Arbuthnot supports buyout of Wheelwright Ltd
Arbuthnot Commercial Asset Based Lending (ABL) has supported the management buyout of Wheelwright Ltd for an undisclosed sum.
Arbuthnot Commercial ABL structured an asset-based lending facility, comprising a revolving receivables finance line and additional term loans.
The facility will be used to support management in making the acquisition, while providing additional working capital.
The management buyout was led by David McMillan, sales director, Thierry Hooker, operations director, and Malcolm Thomson, incoming finance director at Wheelwright Ltd.
Andrew Thomson, partner at HMT LLP and Ricky Collis, senior manager, advised the management team.
Caple provided an additional cash flow loan facility.
Andrew Rutherford, commercial director at Arbuthnot Commercial ABL, said: “This was an interesting deal to work on; we were delighted to partner with Andrew and Ricky at HMT on this transaction and we very much look forward to supporting Dave, Thierry and Malcolm as they develop their ambitious organic and inorganic growth strategy.
“With a market leading offering of internally developed brands in the aftermarket sector, including Europe’s leading space saver wheel, Road Hero, Wheelwright is at an exciting stage of its growth trajectory.”
Hooker added: “Arbuthnot Commercial ABL not only supported our team with the MBO, but they have also provided us with the capacity to deliver on our immediate growth opportunities.
“They took the time to truly understand our business and provided first rate senior level support. We would not hesitate in recommending
“Arbuthnot as a funding partner and look forward to working with them in the future as we look to capitalise on a fragmented market.”