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It's SMT to SVI. as Lex sells dealers
23rd February 1989, Page 14
23rd February 1989
Page 14
Page 14, 23rd February 1989
— It's SMT to SVI. as Lex sells dealers
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Keywords :
Corporate Finance, Private Equity Firms, 3i, Volkswagen, Management Buyout, Buyout, Business / Finance
• Lex Service has sold its six SMT dealerships in a 25.1 million management buyout.
SMT managing director Bill Dryden and finance director David Reid will head the new company, known as SVL. In 1980 the six dealerships, which between them hold franchises for Vauxhall/Bedford, Citroen, Volkswagen and Volvo Trucks, had a turnover of 230 million.
The management team has raised 27 million to finance the purchase and provide working capital for the development of the business. Their backers are 3i, Charterhouse Development Capital arid the Royal Bank of Scotland.
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People:
David Reid, Bill Dryden