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17 February 2010
Orbis Partners has completed its third deal of the year, putting together the multi million pound management buyout of Elite Creations one of Europe's leading suppliers and distributors of fast fashion accessories. The deal was arranged by Gary Ecob at Birmingham based Orbis Partners, with legal advice from Lee Clifford and Tom Brown at Freeth Cartwright.
Funding was provided by HSBC bank and HSBC Invoice finance. Elite Creations has Turnover up to £20m and supplies over 30 UK retail groups, as well as exporting to customers in Spain, Germany, Scandinavia and the Middle East.
Elite's accessory ranges include bags, belts, jewellery, sunglasses, scarves and footwear.
The management buyout team is headed by Nitesh Sakhrani, who has been chief executive for ten years.
He will be supported by Lavesh Sakhrani, sales director.
Other advisers involved in the deal were; Campbell Woolley, who provided tax advice to the Sakhrani family, and JSM, Hong Kong who provided legal advice to Newco and the bank.
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