The seven senior members of the LSUK management team, backed by NBGI Private Equity, have carried out a management buy-out of the automotive parts and service business formerly owned by the Finelist Group.
The business, which in 2000 had revenues of £51 million, will remain headquartered in Sheffield and will continue as a braking, electrical and fuel injection specialist operating from 64 sites across the UK.
Dick Morgan, new managing director, said: "One of our fundamental objectives as a team in planning the buy-out was to retain the massive experience of our 900 employees which will ensure we can successfully carry the business forward.
“In addition, through the support of all our suppliers - in particular TRW - we have been able to trade successfully over the last six months. The future is now in our own hands and we're in a position to invest in our network and grow the business in its specialist field of braking, electrical and fuel injection parts and workshops."
Alongside Mr Morgan in the MBO are Colin Beasley, commercial director, Tony Harris, finance director, Shaun Darke, business development director, Arnie MacPherson, northern regional manager, Roy Male, western regional manager and Don MacKinnon, eastern regional manager.
The management buy-out by LSUK, formerly known as Lucas Service, has been funded by NBGI Private Equity, with support from Lloyds TSB, Lloyds TSB Commercial Finance.