Lexington Corporate Finance has advised Euro Commercials (South Wales) Limited (“Euro Commercials) on its strategic acquisition of Neath Coachbuilders Limited.
Neath Coachbuilders is a specialist in providing bespoke, commercial vehicle bodies. Established in 1947, it is the most experienced commercial bodybuilder in Wales and operates across three sites in Neath, Swansea and Cardiff. Euro Commercials has acquired Neath Coachbuilders to enhance its service offering to its customer base and support the Company on its continuing growth trajectory. The Vendors, Paul and Sandra Oakley, will remain with the business.
Euro Commercials was established in 1980 and celebrates over 40 years in business working alongside Mercedes-Benz, providing the best Commercial and Fleet vehicles to local businesses and emergency services.
The acquisition of Neath Coachbuilders will allow Euro Commercials to expand its bodybuilder service offering for its customers by obtaining Neath Coachbuilders’ expertise in the space. The acquisition will also further strengthen Euro Commercials’ position as a market leader in the commercial vehicle sector across South Wales.
Lexington acted as lead advisor to Euro Commercials, providing buy side and debt advisory service. The Lexington team for the transaction of Thomas Edwards, Kevin Kong and Twm Westcott led on the acquisition whilst Sinead Johnson provided debt advisory support, with funding provided by HSBC to support the transaction.
Jeff Carne, Managing Director at Euro Commercials said “The team at Lexington under the leadership of Thomas Edwards provided excellent advice throughout the acquisition journey coordinating the process and ensuring key milestones were achieved in expected timescales. We would highly recommend Lexington for any M&A requirements”.
Thomas Edwards, Director at Lexington said “We are delighted to have advised Euro Commercials on this acquisition. Euro Commercials has a clear growth strategy and this deal will allow the business to enhance its value add service offering to its customers, further cementing its position as a leader in the commercial vehicle market place.”
The legal advisors to Euro Commercials for the transaction were Alex Butler, Stewart Knights and Henry Bright at Geldards whilst Financial due diligence was carried out Haines Watts.