Hemmels Classic Cars Shifts Into Top Gear With Mobeus Investment
Restorer of classic Mercedes-Benz sports cars, which can sell for over a million pounds, finances international scale-up with multi-million pound investment from Mobeus.
Hemmels is an internationally-recognised leader in the restoration and sale of classic post-war Mercedes-Benz. The business sells the finest classic Mercedes-Benz sports cars, rebuilt as new from a carefully-sourced stock of base vehicles. Their fully-warranted, world-class SL sports cars are commissioned by discerning customers across four continents and hand-crafted to exact requirements so that each car is unique.
The business opened its doors in 2016, when CEO Jon Curley teamed up with Technical Director Joseph Sullivan and two other partners to take Sullivan’s existing garage and restoration business to a new level. Curley is a highly-experienced entrepreneur with a successful track record in software and biotech. Sullivan is an engineer who trained in the aerospace industry and applies the same exacting standards at Hemmels.
Hemmels rebuilds to date include the 190SL, 280SL Pagoda, and iconic 300SL Gullwing and Roadster models. A Pagoda restored by Hemmels sells for between £195,000 and £275,000, while the company has sold the rarer 300SL model for a wallet-busting £1.35 million. The Mercedes-Benz World museum at the historic Brooklands motor racing circuit in Weybridge, Surrey, will feature a Hemmels restoration in its atrium during the summer of 2018.
With Mobeus capital, Hemmels will scale engineering and research & development capability, and extend marketing reach. Its workforce will grow significantly, both at its base in Cardiff and at a brand new Hemmels US service and sales centre being opened in Los Angeles, California later this year.
Josh Levy led the deal and will join the board. He 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.”
Jon Curley, CEO of Hemmels, added, “We were presented with many offers from PE and VC houses, however, the Mobeus team’s enthusiasm for the company and stellar track record of success made them our clear preference. We’re excited to be accelerating our growth plans with an accomplished partner who genuinely shares our vision and commitment to build a global brand.”
Lexington CF introduced the deal to Mobeus and advised management. Other advisers were Marriott Harrison LLP (legal), Bishop Fleming (FDD). Goodman Derrick LLP provided specialist industry advice. Capital Law represented Hemmels.
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