Wed, 22 May 2013 | BUSINESS SALE
A Leeds investment firm has acquired Abracs, the York-based abrasives and accessories supplier.
The multi-million pound deal went through earlier this week after news of the managing director's retirement meant that a new buyer had to be found.
Garbutt & Elliott advised on the sale for Abracs, while James Towler of Langleys also offered legal advice.
Graham Garbett, senior manager of the advisers' corporate finance team, commented on the sale: “The sale was precipitated by the retirement of managing director David Elcock. As a result of David's impending retirement, we were appointed to find a buyer and to provide financial advice at all stages of the sale process.”
He added that the company managed to sell the business “at a price which reflected the high quality of its customers, suppliers and staff”, adding that he approved of the “forward-thinking” acquisition team.
The buyer is based nearby in York and is a new company established as an investment vehicle. Behind the firm is a group of high net-worth individuals who have worked on acquisitions of other similar businesses in the region.
Abracs was previously a family-owned company, established in 2003. The firm is based in Northminster Business Park and has a warehouse in Dunnington. It supplies premium quality branded abrasives and accessories, including Phoenix and Proflex-branded products.
The 18 staff on site will not be affected by the sale and the existing management team will continue to run the firm.
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