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FRP Corporate Finance revealed that it has provided assistance in a management buyout deal of Swann Systems, the holding company for Capital Seating.
Capital Seating, which was established in 1968 and specialises in the supply of suspension seats and accessories to improve driver safety and comfort, as well as vehicle trimming services under the Auto-Trim Systems brand.
The company is an official distributor for major seat brands including Grammar, KAB and Recaro, and supplies a wide range of sectors, catering to trade and retail customers across the UK and Europe.
The sale to a new holding company will see the existing, long-serving management team led by Joe Beales, Darren Tuckley and Melinda Tyack assume control of the business, as part of the next stage in the company’s long-term succession planning.
It said that buyout will also provide finance for further growth of the company into the future.
The deal sees an exit for the Swann family, who have been involved in owning and managing the business since its inception, with current managing director, Stephen Swann, transitioning into a consultancy role to provide on-going non-executive support for the management team.
FRP Corporate Finance was appointed to assist Capital in raising new debt facilities to support the management buyout.
Led by corporate finance partner Harry Walker and senior manager Fahim Kassam, the team sourced a number of competitive offers from several traditional and alternative debt funders and worked closely with the team at Capital to identify Santander as the funding provider that would best suit the business’ ambitions.
Commenting on the deal, Walker, director at FRP Corporate Finance, said: “For any business owner, formulating a viable succession plan is a key step in ensuring that the vision they have worked so hard to deliver is continued into the future.
“With this in mind, we’re glad to have been able to support Capital with its management buyout and financing in anticipation of future growth. We’re excited to see where they go next and wish the Swann family, the management team and everyone at the company the very best.”
