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Moore Kingston Smith has advised on the sale of Rimmer Bros, a restorer and supplier of replacement parts for UK marque vehicles including Jaguar, Land Rover, MG, Mini, Triumph and Mazda, to the North American private equity firm Radial Equity Partners.
Bill and Graham Rimmer’s family business was established in 1982. The brothers and a team of 70 provide genuine and authorised parts from their 100.000 s ft plant in Lincoln and maintain a catalogue of more than 52.000 components. On average, they process around 1,000 orders daily to loyal customers based around the world.
Radial Equity Partners is a USA-based private equity firm focused on investing in middle-market businesses serving consumer and industrial markets.
The firm has vast experience in the vehicle aftermarket industry with Rimmer Bros being the fourth business in this sector in their portfolio.
The transaction will enable Rimmer Bros to continue to grow and expand into Europe and the USA. This announcement coincides with their acquisition of Moss Motors.
When Bill and Graham decided to retire and take Rimmer Bros to market, they engaged Moore Kingston Smith Corporate Finance partner Marc Fecher, a specialist in manufacturing and distribution.
The deal’s dedicated team was led by Marc Fecher, Dan Leaman, Nathalie Strauss and Dylan Sweeney, and supported by Dave Coates and Sam Talbot from the firm’s Corporate Tax team.
The team began the selling process with a detailed analysis of the financials and market position, working with shareholders to identify potential buyers and initiate discussions with interested parties.
Throughout the sales process, Moore Kingston Smith provided ongoing support and guidance to Rimmer Bros, informing and advising at every stage and working diligently to overcome challenges, including managing cross-Atlantic time zones with USA-based Radial Equity Partners. The deal was negotiated and executed smoothly despite the backdrop of a challenging market with high interest rates, rising inflation and declining consumer confidence.
Fecher said: “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.”
