Directors Chris Gateley and Paul Roberts funded the management buyout from private equity and £15 million funding from Belgian bank KBC, following Imperial Holdings’ decision to focus on its South African business.
The company employs 250 staff and has a £70 million annual turnover. It will continue operating in its automotive and defence sectors, but sees its growth in the utilities market.
“I am currently visiting all our automotive clients who have been really supportive of the buyout,” said Gateley.
He said Multipart benefited from long-term contracts – its biggest automotive client LDV’s contract runs out in 2018 while TVR’s runs until 2013.
“We now provide 29 dealers with TVR parts. If you think how the network was completely broken, we have built it back up,” he said.
Other clients include Isuzu Truck and Modec.
It was acquired by Imperial Holdings from RAC in April 2006 along with Lex Commercials.