Moore Kingston Smith advises Rimmer Bros on sale to Radial Equity Partners
Rimmer Bros, the UK’s leading restorer and supplier of replacement parts for UK marque vehicles including Jaguar, Land Rover, MG, Mini, Triumph and Mazda, entrusted Moore Kingston Smith Corporate Finance to advise on its sale to the North American private equity firm Radial Equity Partners.
Bill and Graham Rimmer’s market leading family business has been built on their passion for classic automobiles and excellent customer service. 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 while maintaining their culture built over decades. 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, following a recommendation.
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. Offers evaluation, realisation of the business value, identification of the ideal buyer and final negotiation followed. This end-to-end process and multi-disciplinary approach resulted in the Rimmer Bros achieving a final price significantly higher than the initial offer.
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.
Bill Rimmer, Founder and General Manager of Rimmer Bros explained: “Marc Fecher at Moore Kingston Smith came highly recommended to us. After months of preparation we went to market and they generated immediate interest. Marc’s skills are second to none, and he eventually negotiated a deal significantly above the original offer. He confirmed the good news at 10pm on a Sunday night.
“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, Corporate Finance Partner at Moore Kingston Smith said: “It’s been a privilege to work with Bill and Graham on this project. It’s never straight forward 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.”