16 June, 2014
Vesty UK and Vesty Holdings, owners of the Apico brand, have undergone a management buy out with advice from Forbes Solicitors and Haworths Chartered Accountants.
The Business Law Team at Forbes' acted for the sellers, Yrjö and Diane Vesterinen, who started the company in 1984. This has developed into a huge distribution operation of off-road parts and clothing covering all disciplines, including motocross, trials, supermoto, trail riding, enduro and quad racing. The company operates from a 25,000 sq ft warehouse and office facility in Burnley where it employs 24 members of staff.
Vesty UK and Vesty Holdings were bought by Dylan Brown and Anna Lena Eriksson who have over 40 years experience between them. They were represented by Napthens Solicitors and Dow Schofield Watts.
Pauline Rigby, Partner, and Nick Pickup, Solicitor, advised on the transaction. Pauline comments, "We wish Yrjö and Diane all the best for the future. It is positive news that banks and other funders are willing to fund your typical management buy out structure. I hope this will continue throughout Lancashire and we will see further management buy outs funded by local financial institutions."
Former three times World Trials Champion Yrjö Vesterinen commented, "Selling Vesty UK and associated assets was not an easy decision, though one Diane and I have given a lot of thought to for some time. Dylan and Anna have been both our employees and close friends for some time. We feel they have what it takes to continue with Apico and the distributed brands way into the future, and Diane and I wish them every success in their new roles as Directors of Vesty UK and associated companies."