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Pearl enters new era after MBO

Three employees at Pearl, the Essex-based automotive components company, have staged a management buy out. for an undisclosed sum

Steve Catling, Robin Etherington and Peter Ground have taken full control of the company from founder Michael Pearlman.

Catling will become managing director, while Etherington remains finance director and Ground customer services director. The board of directors consists of the three new owners and Richard Withers, who continues in his role as sales and marketing director.

The company, which incorporates the High Tech Parts and Pearl Consumables brands serves motor factors, retailers and national distributors in the UK. It will now be known as Pearl Automotive.

Catling said: “The impressive growth that has been achieved over the last decade has been down to the combined efforts of management team and its highly committed employees so it makes sense to draw on these strengths after the MBO in order to provide our customers with even greater sales opportunities.”

Pearlman will continue to be involved in the business in a consultancy role and looks forward to working with the new owners.

He said: “I am pleased that the deal has been concluded and feel that the management team will give Pearl the best opportunity of forging ahead with the company’s future plans. I wish them every success.”

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