One of the West Midlands’ best known motor groups, the Greenhous Group, has been bought for an undisclosed sum by two of its current directors, Kerry Finnon and Derek Passant in a deal advised by Clearwater.
The move secures the continuity of the Group, established in Shropshire in 1912 by Vincent Greenhous, and this year cited in The Sunday Times’ list of the largest privately owned companies in the UK.
Joint chief executive Kerry Finnon (40) will continue as managing director of GRS, the Group’s national car and van remarketing company.
Derek Passant (44), also joint chief executive, will become managing director of the Group’s motor division, which has five retail outlets in the West Midlands, selling Vauxhall, Peugeot and Daewoo new and used cars and vans, together with two DAF and LDV outlets in Shrewsbury and Willenhall.
Finnon and Passant have invited Keith Sayfritz (57) to become Group chairman in addition to his role as managing director of Greenhous Commercials. Andy Haslewood will remain in his position as Group finance director, while three other directors, Chris Barry, Richard Paddock and Philip Pinkstone, will become non executive directors within the Group.
The MBO is the third in the company’s history, with Greenhous passing into the ownership of its management team in 1989 and again in 1998. The combination of continuity of direction and management with carefully stepped changes in ownership has ensured strong and stable growth for the Group over the last 15 years.
With a turnover of £406M last year, the Group is one of the leading motor groups in the country, and employs 650 staff throughout the West Midlands.
“A strong and dedicated management team has achieved much over the last six years, leaving us in the enviable position of building on the success and growth which has been achieved thus far,” said Kerry Finnon. “This move means continuity and stability for both staff and customers. We will continue to strive to offer the highest levels of customer service through the loyalty and dedication of the team we are privileged to employ,” added Derek Passant.
Clearwater partner Carl Houghton advised the MBO Team with Director Nick Holder. “It’s always good to work with such a high quality management team. They are well known, influential figures in the industry, and whilst some MBOs can be tough deals to close, having true entrepreneurs as your client certainly helps.”