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BIMBO at TruckEast
Commercial vehicle dealership TruckEast has been acquired in a £10 million buy-in management buy-out funded by Glitnir Integrated Finance.
TruckEast’s management team will be led by managing director John Biggin and finance director Simon Hobson. Both have worked on the turnaround of Scania dealership Keltruck. Sales director David Hall, who has worked at TruckEast for 18 years, will continue in his position.
Nordic investment bank Glitnir provided debt and equity funding for the deal. Its integrated finance department will take a minority stake in the company.
Stowmarket, Suffolk-based TruckEast operates in the East of England and specialises in Scania vehicles such as trucks, buses and engines. It also provides services including accident repair, servicing and MOTs. The company was established in January 2006 from the merger of vehicle dealers Ro-Truck and Derek Jones Commercials. TruckEast made a £65 million turnover and an operating profit of £1.2 million in 2006.
Mazars and BPE acted for the management team, while Addleshaw Goddard advised Glitnir and the Newco. Grant Thornton performed due diligence.
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