Foot Anstey support management buyout for Cornish business

Foot Anstey LLP, has facilitated an investment from Connection Capital to support a management buyout of Silverfish UK, the Cornwall-headquartered mountain bike supplier.

The Corporate team at Foot Anstey included Ken Lewins, Partner and Fergus Baker, Senior Associate who advised on and delivered expert legal advice to  Silverfish UK throughout the process. The advice also included input from the Tax, Trusts, Banking, Real Estate and Employment teams.

Since its inception in 1999, Silverfish UK has created a space in the distribution market focusing on premium products. The bike supplier now operates in the UK, Ireland and a number of European territories. Its portfolio includes names such as Yeti Cycles, FOX, Michelin, Race Face, SDG, Knog, Marzocchi, CushCore, Peaty’s, Ride Concepts and Skratch Labs.

The investment from Connection Capital will enable the Silverfish team to enhance its growth and facilitate investment into customer support infrastructure, whilst it carries out its European expansion.

Founder at Silverfish UK, Darren Mabbott said: "This investment marks an exciting new chapter for the business and one which I think will open up numerous opportunities for our brand partners, retail customers and the talented team at Silverfish."

Darren will remain actively involved and will be supported by newly appointed managing director, Matthew Osborne, who joined the business in 2015 as general manager, and Michael Coupland, who will act as investment director on behalf of Connection Capital.

Ken Lewins, Partner at Foot Anstey commented: "Silverfish UK is a great example of a company that has embraced growth and continued to achieve its goals, and we were delighted to have advised it on this management buyout. As a firm with roots in the South West ourselves, it's great to be able to help a Cornwall-based company achieve its desired result."

Advisory parties included:

Connection Capital
  • Gateley (legals and legal due diligence (DD)),
  • CIL Management Consultants (commercial DD),
  • Quantuma Advisory (financial DD)
  • Confidas People (management DD)
  • Risk Capital Partners (W&I).
  • ThinCats provided debt funding to support the transaction
  • LAVA Advisory Partners (corporate finance)
  • Foot Anstey (legal)

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