Springboard & NatWest help Cedar Invest and David Keene acquire Leacy MG

Springboard & NatWest help Cedar Invest and David Keene acquire Leacy MG

Birmingham based Leacy MG, a leading supplier of classic car components, has recently been acquired by Hicorp95 Ltd with equity funding provided by Cedar Invest and additional financial support from NatWest.

David Keene, CEO of Hicorp95, who has a strong track record in the automotive sector, is planning to build on Leacy’s strong reputation and service offering with a view to expanding their current product range of over 50,000 classic vehicle parts and develop their online sales both in the UK and abroad.

David Keene commented that "with over 28 years experience in the automotive industry I am delighted to be leading Leacy MG into the future. 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".

Justin Sparks of Springboard Corporate Finance who acted as lead adviser on the transaction said: "we were delighted to support our client to structure and finance the acquisition of Leacy MG, a successful privately owned business in the West Midlands, with funding from the Midlands finance community."

Nic Hanlon, director, 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."

Leacy MG will also be changing its name going forward to "Leacy Classics" with an exciting launch of the new website www.leacyclassics.com this month. David Keene commented that "the new website will allow us to expand our offering to a greater audience and ensure speedy delivery of orders to customers around the world".

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.

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