Adams Morey Ltd, which holds the DAF franchise in central southern England has been acquired by Greenhous Group Ltd (GGL), owner of West Midlands-based DAF dealer Greenhous Commercials. The Greenhous Group will continue to operate Adams Morey under that name representing the DAF franchise.
Greenhous Commercials has a total of 12 locations, stretching from Newtown in mid-Wales to Stoke-on-Trent, including some Ford, Nissan and Volkswagen van outlets. The Adams Morey acquisition will bring this number to 20.
The Paris Smith team involved in the acquisition consisted of Richard Atcherley, Arezou Rezai, Jonathan White, Sean Hogan.
Adams Morey chairman Mike Adams said: “Selling your business is a very complicated and frequently emotional process. Unwrapping and presenting years of knowledge and experience in a prescribed format is daunting and extremely time consuming. We were very fortunate to have Richard and his team at Paris Smith to thoughtfully steer us through the process which meant we did not waste effort. Their style was “relaxed professionalism“ but they were tough when needed to be, with plenty of good humour thrown in. A very satisfying experience.”
GGL’s chief executive Derek Passant said: “Mike Adams has developed a wonderful independent business over the past 40 years which has rightly earned a great deal of respect from its customers for the level of customer service it has delivered…I welcome the 300 plus staff of Adams Morey to our company and look forward to further prosperity for Adams Morey.”
Richard Atcherley, Corporate Partner at Paris Smith commented:
“It was a real pleasure to transact the deal for Mike Adams. Over the years Mike and his super team have built a great business with a fantastic reputation for customer service and reliability. Mike and Mike Fennell who retired as the MD of Adams Morey when the deal completed, have put people first and foremost in the business and this was one of the main reasons they choose Greenhous Group as the buyer. I wish all those involved in the deal every success for the future”
Mike Adams was also advised by Fiander Tovell (accountants). CGL were advised by RSM (accountants) and Schofield Sweeney (solicitors).