Muckle LLP advises fast growing Transflex on acquisition by TOM
Teesside based Transflex Vehicle Rental has secured the next phase in its development following its successful multi-million pound acquisition by private equity-backed TOM Vehicle Rental.
What next for Transflex?
We acted for the Transflex shareholders in a deal which sees its 3,500 cars and light commercial vehicles, four depots and 80 employees join the larger TOM business. Peter Abdale (Managing Director), Gary Henry (Sales Director), Nick Skillman (Operations Director), and Tina Lynas (Finance Director) from Transflex will all join the TOM executive management team.
Following the deal, both brands will continue to operate in the UK market, serving their well-established and valued customer bases.
4 sites become 15
The combined business becomes the third largest light commercial, flexible rental business in the UK with a rental fleet of over 16,000 vans, trucks, trailers and cars, across a UK depot network of 15 sites comprising six in Scotland, five in the North of England and four in the South.
Accelerated growth
Transflex, based at Stockton-on-Tees, specialises in flexible fleet rentals to businesses. It was recently listed 13th in the Sunday Times Virgin Fast Track 100 league table of Britain's fastest-growing private businesses.
Established in 2011 by an experienced group of shareholders, Transflex has grown significantly with funding from a number of private investors including the Vardy family.
The deal was structured and secured by Transflex Chairman Steve Smith and his fellow shareholders.
Steve said: “Thanks to some extremely hardworking people, we have consistently delivered an excellent service to our loyal customers and I am incredibly proud of the size of our business and the rate at which it has grown.
‘Responsive and commercial advice’
“This deal is exciting news for everyone involved with the company – particularly as the Transflex team and its customers now benefit from a truly UK-wide network. I am sure the business will continue to go from strength to strength.
“While it was challenging, I am delighted that we were able to structure the deal, helped by some highly responsive and commercial advice from Muckle LLP.”
Done deal
Corporate finance lawyers Matthew Walsh, Hugh Welch and Claire Willcock advised the Transflex shareholders on the deal, with support from Claire Naughten in our real estate team.
Matthew Walsh, Associate, said: “We are delighted to have worked closely with the Transflex team to help secure the next stage in their growth and development.
“For a committed North East business such as Muckle, it is incredibly encouraging to see what this highly successful local company has accomplished in such a short space of time.
“It has been a privilege to support Steve and the Transflex shareholders on this successful transaction.”
For more information on how we can help your business, please contact Hugh Welch on 0191 211 7903.