Ardenton invests in Shaftec Automotive

The transaction is Ardenton's third UK investment since it launched an office in Manchester in 2017. It comes five months after its investment in electrical control panel manufacturer PP Control & Automation and 20 months after it acquired steel-galvanising company Corbetts the Galvanizers.

The firm typically invests in companies with EBITDA of $3-10m. Shaftec generated an operating profit of £1.4m from a turnover of £11.2m in 2017, according to publicly available documents.

Under its new ownership model, the business will pursue international expansion. According to a statement, Shaftec has increased its revenues by around 50% over the course of the last three years.

Debt
PNC Business Credit UK provided working capital and a senior debt package to support the transaction.

Company
Founded in 1995, Birmingham-headquartered Shaftec supplies refurbished and new replacement parts for the automotive aftermarket. The company has a headcount of 130 and focuses on transmission, steering and braking parts.

People
Ardenton Capital – Iain Marlow (UK director); James Worrall (associate director); Jonny Nixon (investment manager).
Shaftec Automotive – Rob Jones (founder, managing director); Tom Curtis (sales director); Scott Marshall (operations director).

Advisers
Equity – BDO, Graham Elsworth, Robert Slater (financial due diligence); Carlton Strategy Advisors, David McClelland (commercial due diligence); Pinsent Masons, Kieran Toal, Tim Fearn, James Skivington, Racheal McGurgan (legal).
Vendor – Clearwater International, Rob Britton, Mark Gillingham (corporate finance); Higgs and Sons, Nick Taylor, John Heaton (legal).

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• Topics
• Buyouts
• UK / Ireland
• Industrials
• United Kingdom
• Pinsent Masons
• Clearwater
• BDO LLP