Multimillion-pound acquisition of Rotherham-based 3G Truck and Trailer Parts completed
A multimillion-pound acquisition of a £16m-turnover commercial vehicle components supplier has been completed.
3G Truck and Trailer Parts (3G), based in Rotherham, was established 11 years ago by Richard Ash, Stewart Ashall and John Carr with John Bruce and Peter Beaumont as investors and was sold to TVS Europe Distribution in 2020. .The transaction was subsequently voluntarily referred to the Competition and Markets Authority, which directed TVS to dispose of its shareholding. Following a competitive sale process, a joint venture between Bruce, Beaumont and commercial vehicle brake specialist Thos Winnard & Sons agreed a deal to buy back the company.
John Bruce, director, said “We look forward to working with the proven management team to continue the growth of the business.”
BHP Corporate Finance, led by Don Gray and Declan Savage, acted as lead advisors to the buyers.
Declan Savage, assistant director at BHP Corporate Finance, said “3G has grown significantly over the past two years and we are delighted to have assisted John and Peter to buy back the company they helped to found and grow into the successful business it is today. I have no doubt that under their leadership it will continue to grow further”.
HSBC provided a combined acquisition finance and working capital facility to support the transaction. Chris Alsop, relationship director at HSBC, said “This impressive management team have a great opportunity to grow this well-established business even further – I am very confident they will do so and am pleased that HSBC have been able to support them on this journey”.
Yorkshire law firm Gordons provided legal advice to the buyer. Gordons corporate partner Jonathan Asquez led on the deal assisted by corporate solicitors Lisa Murphy and Andrew Moore.
Jonathan added: “We were very pleased to provide advice on this deal, particularly as we worked on the sale of 3G to TVS last year.
“This meant we were able to facilitate the transaction quickly thanks to our existing knowledge of both companies.”
HSBC were advised by Richard Goodall of FRP Advisory (financial due diligence) and James Burdekin of Knights plc (legal advice). Schofield Sweeney acted for TVS.