FSP advises on management buy out of V.N.A. Trucks Limited
Field Seymour Parkes has advised the management team of V.N.A. Trucks Limited on securing growth capital from Arbuthnot Bank.
Field Seymour Parkes has advised the management team of V.N.A. Trucks Limited on securing growth capital from Arbuthnot Bank. The investment has enabled the founder shareholders to sell a majority stake and retire from the business.
The management transition sees the acquisition of the controlling shareholding by the current management team and facilitates the retirement of the two founder shareholders. John Maguire, previously the Commercial Director, steps up to the Managing Director role to lead the Group and Donald Houston becomes Group Finance Director. Industry veteran Jim Porter has been appointed Chairman.
Headquartered in Tipton, West Midlands and O.E.M. manufacturing in Taiwan, V.N.A. Trucks is a leading specialist forklift truck manufacturer, with products suited to confined and very narrow warehouse operations. The business comprises two separate operating companies, Narrow Aisle Limited (NAL), which sells trucks, spare and maintenance services and Flexi Forklift Rental Limited (FFRL), which provides short and long-term rental of Flexi trucks and masts.
John Maguire, Managing Director, said: “Philip, Ian and the rest of the FSP team have delivered a great result for the management team and the business. They ran a smooth legal process with no surprises. The momentum in our sector is very positive as countries develop intralogistics structures around the world and this deal is an important step in allowing us to maximise our potential in delivering our business plans.”
The team at Field Seymour Parkes was led by Philip Stephenson (partner, corporate) and Ian Wood-Smith (partner, corporate) with assistance from Alex Illingworth (senior associate, banking), David Clay (associate, employment), Richard Higgs (partner, commercial property) and Soraya Sahli (solicitor, commercial).