Project Ice

Posted by Corporate Finance
Category:
  • Business for sale
  • Midlands
  • This position has been filled.

Project Ice

Commercial vehicle accident repair and refurbishment centre

Overview

Based in the West Midlands, Ice (“the Company”) is a highly profitable and cash generative commercial vehicle accident repair and refurbishment centre providing bespoke body repair, refurbishment, respray and rewrapping services for all makes and specifications of dry freight and specialist heave and light goods vehicles.

In addition to its core service offering, the Company also operates a successfully used vehicle sales and trailer scrappage service.

Key selling points

  • Achieves c.80% gross profit margin and c.40% EBITDA margin on core services
  • One of only three main UK repairers for a desirable and sizeable international parcel delivery company
  • Strong reputation for competitive pricing, unrivalled turnaround times and quality of workmanship
  • Skilled and qualified workforce with a strong second-tier management team in place
  • Expertise in working at heights on vehicles of 506 metres tall
  • Continuous investment in facilities including a new £0.3m state of the art paint shop facility commissioned in early 2018
  • The new paint shop has created additional capacity anticipated to increase turnover by 15% in its first year and 30% thereafter
  • Operates from a 2.5 acre site with significant office, workshop and storage space, strategically located near the main central motorway network
  • Would complement business activities such as sales, hire, mechanical repair, recovery and maintenance of commercial vehicles and trailers
  • Opportunities exist to utilise the additional capacity from the new paint show and to grow and diversify the customer base and vehicle range

FY 18 Financial Highlights

Turnover: £3.5m

Adj. EBITDA: £1.3m

Reasons for Sale

Having successfully grown the business, the shareholders are considering their retirement strategy.

The shareholders typically spend circa four months a year overseas and have therefore already taken reasonable steps to ensure succession planning is in place.

The shareholders are prepared to provide a suitable handover period to ensure a smooth transition.

Next steps

For further information please complete the NDA below or contact:

Daniel Crumpton

Corporate Finance Assistant Manager

+44 (0)7521 041 893

daniel.crumpton@baldwinandco.co.uk

For us to be able to provide you with further information, we will require you to complete the form below and agree to our non-disclosure terms, our non-disclosure agreement can be found here here


Rationale For Interest:* Management Buy-InTrade buyerVenture Capital

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