| Hazlewoods Corporate Finance, a leading mid market adviser with a significant track record on acquisitions, disposals and raising finance, has recently advised on the £9m management buyout of TeamSport Racing Limited. The Hazlewoods team was led by John Lucas. TeamSport Racing, head-quartered in Farnham, Surrey, is Europe and the UK’s largest operator of indoor karting venues. Its flagship track at Tower Bridge in London operates on multi levels with electric karts. Other locations of TeamSport venues include Bristol, Cardiff, Southampton, Crawley and Camberley. Dominic Gaynor said: “Our success is based on our fantastic core product; our customers get to race on exciting multi-level tracks - and their experience is delivered with exceptional customer service. “Now we have financial support in place, the next few years represent a fantastic opportunity for TeamSport to continue its growth across the UK. We are currently looking at some interesting acquisition opportunities, and have advanced plans for several new track builds later this year.” The transaction was funded by private client investment business Connection Capital and debt finance from the Bank of London and the Middle East. The finance package includes £2m for growth opportunities. John Lucas of Hazlewoods Corporate Finance noted, “We were delighted to act as lead advisers to Dominic and his team in this management buy out. It demonstrates that despite a difficult funding market, transactions can be successful for the right business. TeamSport offers a quality product in a competitive sector and has huge potential. We now look forward to working with the management team to capitalise on opportunities identified, and also with Connection Capital who are well placed to provide finance and expertise to help the business grow over the coming years.” Legal services to the management team were provided by Richard Wilkey and the corporate team at Harrison Clark LLP. Hazlewoods LLP Corporate Finance advised on 66 transactions valued at £373m in the twelve months ended 31 December 2012.
For more information, please contact John Lucas on 01242 237661 or john.lucas@hazlewoods.co.uk |