Wed, 24 Apr 2024 | BUSINESS SALE
Rimmer Bros, a Lincoln-based restorer and supplier of replacement automotive parts, has secured investment from US private equity firm Radial Equity Partners in a deal that enables the company’s founders to retire.
Rimmer Bros operates from a 100,000 sq ft plant in Lincoln and provides authorised parts for UK marque vehicles. The company maintains a catalogue of more than 52,000 components for brands including Land Rover, MG, Jaguar, Triumph, Mini and Mazda.
The company was founded in 1982 by Bill and Graham Rimmer (pictured above), who decided to bring the firm to market in order to retire. The investment from Radial Equity Partners will make the company the fourth vehicle aftermarket business in the private equity firm’s portfolio and enables Rimmer Bros to expand into the US and Europe.
When they decided to bring the company to market, the Rimmer brothers engaged Marc Fecher, a Moore Kingston Smith Corporate Finance partner and specialist in manufacturing and distribution, after receiving a recommendation.
Fecher led a deal team comprised of Dan Leaman, Nathalie Strauss and Dylan Sweeney, supported by Dave Coates and Sam Talbot from Moore Kingston Smith’s corporate tax team, which ultimately secured the investment from Radial Equity Partners.
Bill Rimmer said that, following “months of preparation”, the company went to market and the deal team “generated immediate interest”. He added that Marc Fecher ultimately negotiated a deal that was “significantly above the original offer.”
Providing a useful insight into their successful exit process, Rimmer continued: "His team is professional and goes beyond the call of duty. We'd have no hesitation in recommending them. If you're planning on selling your business, start working on that EBITDA about three to four years out. Then allow 12-18 months for the process and ensure the market timing is right."
Marc Fecher commented: "It's been a privilege to work with Bill, Graham and Jim on this project. It's never straightforward selling a family business built with passion and brand recognition developed over so many years of hard work."
"I'm confident we've found the perfect buyer with Radial Equity Partners. Not only do they have the expertise in the market, they value Rimmer Bros' unique offering and will continue Bill and Graham Rimmer's legacy."
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