Magma Corporate Finance has successfully advised on the buyout of Pro-Align, a leading Midlands-based supplier of wheel servicing equipment to the automotive industry.
Northamptonshire based Pro-Align was founded in 1990 and has grown to become the exclusive UK distributor for Hunter-branded equipment in the UK, supplying major vehicle manufacturers, dealerships, and national repair chains.
The transaction sees founders, Paul and Kathryn Beaurain, retire after more than 30 years with the business and transitions control to fellow co-founder, Philip Wylie who has extensive automotive industry and investment banking experience.
Philip Wylie commented: “Looking ahead, these are incredibly exciting times for all of us at Pro-Align. We will continue to evolve our relationship with Hunter while also developing our structure, expanding our product range and investing in products and services that ensures Pro-Align remains the number one choice for workshops across the UK.”
Shaf Bheda, Mark Tuckwell and Chris Matthews, of Magma Corporate Finance provided corporate finance and debt advisory services, with supporting tax advice being provided by Magma’s Liam Meade. Matt Thompson at Howes Percival offered legal advice to the sellers, with James Maynard, Sian Davies and Ashley Simpson, of Knights, acting for the buyer.
Funding was provided by HSBC with Daniel Toone, Simon Richards and Paul Armstrong taking the lead. Stephen McElhone, of BHW Solicitors, offered legal advice to the lender.
“We are delighted to have advised on the buyout of Pro-Align,” said Shaf Bheda, Head of Corporate Finance. “This is a significant transaction for the company and we are pleased to have been able to support the transition of ownership of the business. We wish the team all the best for what we know will be a very exciting period ahead.”
Phillip Wylie commented: “The team at Magma were invaluable in helping Pro-Align to secure funding for the transaction and in driving the deal to successful completion. I look forward to working with the Magma team on the next phase our journey.”