City car firm clinches a multi-million pound deal

The new management team at CT Automotive

A PORTSMOUTH car part manufacturer has secured a multi-million pound buy-out.

CT Automotive, established in Portsmouth in 2000, has undergone a management takeover. The firm, which boasts locations all over the world, makes complex kinetic parts for major car manufacturers.

Its appointment of senior members to its management team is a chance for the business to ‘explore new markets’, Anthony Reed, HSBC area director, said.

‘The business has gone from strength to strength, undergoing a massive period of growth and employing more than 2,000 people,’ he said.

‘We would like to thank Blake Morgan for their help in securing this latest round of funding.’

Major law firm Blake Morgan advised HSBC on the finance deal.

Others involved in securing the buyout included Meridian Corporate Finance, which structured, led and project-managed the buyout from beginning to end, law firms Trethowans which acted for the company, Blake Morgan, which acted for HSBC, and accountancy firm KPMG which performed financial and commercial due diligence.