Management buy-out marks new era for Cameron-Price
Cameron-Price Limited, a specialist injection moulding and assembly business of high value technical components predominantly for the automotive industry, has been acquired by its management team. The multi-million pound deal sees Managing Director Barry Moor acquire a majority stake in the business and provides for the retirement of Chairman, Tony Banks MBE. Moor has been with the business for 21 years and was appointed MD in 2011.
Stirchley-based Cameron-Price, which has a turnover of over £10 million, is a leading supplier to several UK Tier one businesses, with strong relationships directly into original equipment manufacturers (OEMs) including JLR, BMW, Toyota, Ford and Nissan. Other specialist products are supplied for a range of industrial applications. The business has a long track record as a specialist injection-moulder but, under the leadership of Barry Moor, the company has moved up the value chain by supplying assembled parts, often direct to track-side on a just-in-time basis. Funding of £6.6 million was provided by Yorkshire Bank.
The management team of Cameron-Price was advised on the transaction by Dains Corporate Finance, with a team comprising Roy Farmer and Rob Wilson. Tax advice was also provided by Dains, led by David Bradshaw and Caroline Bland.
The difference we made
As part of the MBO process, we conducted a pre-MBO feasibility study to assess the level of interest from funders and to show them the funder's appetite to support a transaction. This feasibility study indicated a level of interest which enabled us to act on behalf of the management team and secure the funding. We worked closely with both Barry Moor (MD) and Steve Bailey (FD) to ensure that a business plan and forecast model was sufficiently detailed and comprehensive to allow funders to make a considered and informed offer, and which ultimately stood up to the detailed financial due diligence process which followed.
Throughout the process we remained in constant discussions with Barry to ensure that we were acting as one team and able to respond quickly to any issues that arose, often pre-empting issues to ensure they were dealt with efficiently, leading to a smooth deal process and meeting imposed deadlines.
What our client said
Barry Moor, Managing Director of Cameron-Price, said “I would like to extend my thanks to the team at Dains for the support and guidance provided during the MBO of Cameron-Price.
Your experience and expertise guided me through the entire process and I was very impressed by your professionalism, knowledge of the deal process and support in achieving a successful transaction to the benefit of both parties. At every stage from our initial meeting to the final signing you were there to counsel me in order that I could make informed decisions.
You provided sound commercial advice throughout the process, and helped me enormously with the complexities of the transaction process.
The experience and expertise of the Dains Corporate Finance team was invaluable and I would thoroughly recommend you to other business owners or managers who were considering a transaction.
I look forward to continuing our working relationship and I am pleased to retain Dains as my strategic partner in the new business.”
What we said
Roy Farmer, Partner at Dains Corporate Finance said: “This transaction is a great outcome all round. As a firm our relationship with the business goes back over 20 years, and we have been working closely with the shareholders and management team over the past few years to help shape this transaction. The deal provides Barry and his team with the potential to take Cameron-Price to the next level.”
Photo: L/R Roy Farmer, Barry Moor, Rob Wilson