JD Classics have been acquired by Woodham Mortimer Ltd.
Following the recent announcement that JD Classics were in the hands of administrators, Alvarez & Marsal Europe LLP (A&M), a buyer has now been secured for the classic car restoration specialist.
JD Classics have been prominent leaders in the classic sector for quite some time, restoring classic cars, sales and a racing division.
The business employs around 50 – 60 staff with a range of classic cars of its own.
Woodham Mortimer Ltd, who trade under the HPS Investment Partners LLC umberella, have now acquired the troubled classic outfit.
The acquisition will hopefully secure the 60 strong workforce in Maldon.
Jean-Marc Gales, the former CEO of Group Lotus, will lead the new company as its Chairman and CEO. Under Mr Gales’ leadership, the team is formed of a dedicated group of professionals, that will establish Woodham Mortimer as a world-leading organisation.
Jean-Marc Gales, says:
“It is fantastic news that we can today announce a future with financial security and a solid plan for growth, through the acquisition by Woodham Mortimer Ltd. Despite the difficulties of the recent past, the company remains a world-class organisation with a workforce of dedicated and highly talented individuals. We will continue to grow and develop a business that builds upon the excellence that JD Classics established. We look forward to a future at the absolute pinnacle of classic car restoration, historic competition and sales.”
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Woodham Mortimer Limited is a newly established company wholly owned by HPS Investment Partners LLC, of New York. Jeff Fitts, MD of HPS Investment partners, says:
“Our investment in Woodham Mortimer through this new chapter of its operations recognises its highly credible and experienced CEO and uniquely talented engineers who possess a passion for timeless design and exquisite craftsmanship.”
The company is already busy trading, with its workshops full and numerous restoration projects underway. The company is planning to participate and support clients in a full season of motorsport and rally activity for the remainder of the season throughout 2019. A wide selection of fine automobiles are for sale and on show in the Maldon showroom, with a full stock list available here: www.woodham-mortimer.com