Cavendish

Cavendish sells Spaldings in £10 million MBO

Cavendish Corporate Finance is pleased to announce the sale of Spaldings Holdings Limited, the UK market leading wholesaler of agricultural and grass care machinery parts and accessories. The business was acquired from the Dutch company Netagco, in a £10 million MBO, backed by 3i and The Royal Bank of Scotland.

At the end of 2003, Cavendish successfully sold the French activities of Spaldings to Kramp Groep BV, a necessary pre-condition for the subsequent sale of the UK activities.

Spaldings, based in Lincoln, is the UK's and Ireland's largest and best known independent distributor of agricultural and grass care replacement parts. It sells directly into the farming and grounds maintenance industries, supplying some 8,000 product lines to their 40,000 strong customer base.

Spaldings, which has a turnover of £18.5m and employs 142 personnel, sells non-original equipment manufactured replacement parts, which are manufactured under their own brand to exacting standards and a wide range of agricultural supplies and accessories. By supplying this wide range of products, their customers are provided with a one stop shop for agricultural needs.

The new company will be run by David Fox who has been with Spaldings for over 20 years and has been CEO since the business was acquired by Netagco in 2000. Michael Fetherston-Dilke has been brought in as Non-Executive Chairman.

[Philip Barker], head of Cavendish's Industrials team, who led the deal said: ''This was not a straight forward deal. Netagco went into receivership mid way through the process, which meant we were acting for a consortium of Dutch banks, and the UK and French businesses had very different distribution models, which necessitated separate sales.''

[Go to deal information »]
[Back »]