Crossroads Truck & Bus is the Volvo commercial truck and bus dealership for Yorkshire and Lincolnshire. The business was the subject of an MBO in August 2005 funded by HSBC. PPCF conducted due diligence for the bank and established a close working relationship with the management team.
Since the MBO the business has performed strongly enabling it to consider expansion opportunities. PPCF has assisted Crossroads in their strategic planning and evaluation of acquisition opportunities.
In 2010 Crossroads acquired Hartshorne Motor Services, the Midlands based Volvo truck dealership, establishing itself as one of the largest independent commercial truck dealerships in the UK. PPCF supported Crossroads by providing an acquisition advisory service which included lead advice on the transaction structure and funding as well as providing financial due diligence for Crossroads and its bankers. PPCF continue to provide strategic advice as retained advisor.
In 2014 PPCF advised the Company on a restructuring that enabled the retirement of two of the MBO shareholders and provided the Company with a framework to implement management succession plans. The transaction was funded through a combination of the Company’s own resources and new group debt facilities.