Rickitt Mitchell advises Auto Marine Cables on private equity investment from PHD Partners
Rickitt Mitchell has successfully advised a North-West based supplier of low-voltage cables to the automotive and marine industries, which has secured a significant investment from PHD Equity Partners.
The origins of Auto Marine Cables (AMC) date back to 1964, when Peter Hammond’s father Howard set up Kar-Bar, a car accessories shop in Bolton, which was soon a chain of ten stores. The business later expanded into the marine market and started to manufacture its own cables. It now employs 76 staff, has revenues of c.£14m and EBITDA in excess of £2m.
Craig Richardson, who led the investment on behalf of PHD said: “With its reputation for quality, its agile approach and its ability to make just in time deliveries, AMC has a strong competitive advantage within the industry and is an integral part of the supply chain for many of its customers. The company has the potential to deliver turnover of over £20m on the basis of its current facilities alone and offers opportunities for growth in both new and existing markets. We look forward to working with Peter and the team to take it to the next stage of its development.”
AMC was advised by Stuart Moss, Kaine Smith and Charlotte Greenhalgh at Rickitt Mitchell.
Managing Director and shareholder, Peter Hammond said: “Rickitt Mitchell acted with fantastic commitment, a sense of fairness and their detailed understanding of the complexity of the deal made the negotiations a much easier path to navigate for me. Their hands-on approach and attention to detail throughout the transaction was outstanding and moreover they were a great team to work with – I wouldn’t hesitate in recommending them to anyone.”Back to news