The management team, consisting of Darren Smith and Paul Hickman, have bought out Fastfit’s remaining founder shareholder Dave Bradley, after the three completed the first MBO in 2019. Paul and Darren have long standing management, operations and customer experience in the business, and now take full control of the business to deliver their growth strategy.
The business was founded in 1990 and has since grown to service a host of Blue-Chip companies along with retail customers. The service offering includes commercial vehicle ply-lining, tow-bars, seat conversions, auto-glass and vehicle accessories. With depots in West Bromwich and Bromsgrove, Fastfit has a national client base.
The Fastfit Nationwide management team were advised on the deal by corporate finance specialists, Bishop Fleming.
Corporate Finance Senior Manager, Phil Redgate, commented: “We are delighted to have advised Darren and Paul on completing this management buy-out. The team are now in a great position to deliver the next phase of the business’s development.”
Paul Hickman commented “Darren and I would like to thank Phil Redgate and the team at Bishop Fleming and James Hayes and his team at MFG for their first-class advice in helping us complete our MBO. We would not hesitate in using both again for any future ventures that we may undertake.”
James Hayes (MFG Solicitors) provided legal advice to the management team, with Jeff Taylor (Thomas Horton LLP) providing legal advice to Dave Bradley.