Lexington advises Hemmels upon growth capital investment from Mobeus Equity
Apr 24, 2018
Lexington CF is delighted to have worked with the Hemmels team to land a multi-million investment from Mobeus to accelerate its growth plans
Based in Cardiff, Hemmels is a restorer of classic Mercedez-Benz sports cars which was founded in 2016 when its CEO, Jon Curley, teamed up with Technical Director, Joseph Sullivan to take Sullivan's existing restoration business to a new level. Hemmels rebuilds a number of classic Mercedez-Benz models including the 190SL, 280SL Pagoda and the iconic 300SL Gullwing and Roadster models. A Hemmels restored Pagoda will typically sell for between £195,000 and £275,000 while the Company has sold the rarer 300SL for a wallet-busting £1.35 million.
With the funding, Hemmels will scale the engineering and research and development capability along with extending its marketing reach. The workforce will grow significantly in order to satisfy demand both at its existing Cardiff base and the new Hemmels US service and sales centre in Los Angeles, California, which will open later this year
Jon Curley, CEO of Hemmels, added, "We're excited to be accelerating our growth plans with Mobeus who genuinely shares our vision and commitment to build a global brand."
Josh Levy led the deal for Mobeus who said, "We are delighted to back this exceptional management team and believe Hemmels is on an exciting path to grow into a leading luxury automotive brand."
Gary Partridge and Thomas Edwards led the deal for Lexington and were supported by Red Best.
Gary said "We worked with the Hemmels team to refine its business plan and projections and introduced the business to a number of prospective funding partners. There was significant appetite to invest in Hemmels and we were delighted to manage the funding process through to a successful conclusion. We are hungry to work with similar companies and entrepreneurs who want to capitalise upon a niche market position and have the desire to accelerate their growth and development and need external investment to achieve those business goals."