Express 2 Automotive (E2A), an automotive components manufacturer based in the north-east of England, has been acquired in a management buyout. The deal sees ownership of the company transferred to Roy Stanley, managing director, who has bought the company from Express Group for around GBP2.5 million.
Formed as an Express subsidiary in 1996, E2A specialises in the manufacture of precision-engineered components for the automotive industry. An emphasis on advanced manufacturing technology and rigorous quality standards has enabled the company to develop a business providing niche volume products in high-growth areas of the automotive market.
Stanley has been with the company since start-up and was formerly operations director of Smith’s Electric Vehicles.
The MBO team was advised on the acquisition by the Deloitte & Touche corporate finance team in Newcastle, with legal advice from Ward Hadaway. Deloittes put together a financing package for the purchase, with funding support from Lloyds TSB Development Capital and Bank of Scotland.
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