Cobra Sport Acquires Counterpart with NPIF Backing
Posted by CobraSportExhausts Admin
Pic: Shaun Flannery
Pictured L-R Ken Cooper, British Business Bank, Rachel Abbott, Cobra Sport, Pete Sorsby, of Mercia.
Cobra Sport Exhausts are delighted to announce that they have purchased the assets of a counterpart in Cheshire, supported by a six-figure loan from NPIF - Mercia Debt Finance.
Cobra Sport has acquired the assets of JP Exhausts in a deal that has secured 16 jobs. The acquired business, which manufactures classic, race and prestige exhausts and manifolds, had been facing an uncertain future due to the retirement of the owner John Parker and the untimely death of his son Jim.
The JP Exhausts name has been retained and manufacturing will continue in Cheshire at new premises in Congleton. The deal is expected to create five jobs in the near future and will allow Cobra Sport to expand into the motorsport market.
Rachel Abbott, joint managing director of Cobra Sport, said: "We are really pleased to welcome aboard our colleagues from JP Exhausts.
"Both companies have their origins around 50 years ago and can draw on a wealth of experience in the industry. Joining forces allows us to expand the range of products we offer existing customers and puts us in a stronger position to move forward."
NPIF - Mercia Debt Finance is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund.
Peter Sorsby, investment manager at Mercia Fund Managers, said: "This deal has resulted in a successful outcome for both teams and it has been satisfying to be able to support it. Not only has it has secured the future of JP Exhausts and the jobs of its staff, but it will also allow Cobra Sport to move ahead with its growth plans and strengthen its presence in the motorsport market."
Ken Cooper, managing director at British Business Bank, added: "It is good to see the Northern Powerhouse Fund being used to support two established and growing businesses in Cobra Sport and JP Exhausts. This new funding will allow the combined company to scale up its operations and address the attractive US market."