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Hot Wheels International & Circle Bikes Ltd

Transaction: Company Sale
Sector: Retail
Completed: September 2009
Back to Deals
Meridian advised the business owners of Hot Wheels International and Circle Bikes Ltd (collectively "Hot Wheels") on the sale of trade and assets to Dorel Inc ("Dorel") the Canadian conglomerate, with a turnover of c$2.2 billion. 

Hot Wheels was the UK’s pre-eminent distributor of Mongoose and GT brands and also has a portfolio of top selling, innovative bicycle products and components, which are marketed to retail and leisure outlets throughout the UK. Combined sales for the fiscal year ended 31st August 2009 were approximately £14m. The acquisition is in line with Dorel's aggressive growth strategy of its Recreational/Leisure segment and represents its third transaction in just two months.

Russell Merry and Neil Merry – Directors of Hot Wheels commented “We approached Meridian (and others) having received an unsolicited approach from Dorel. We selected Meridian because they just seemed to 'get it.' We decided the time was right to realise some value for our hard work and to provide the business with a new growth platform with the backing of a global conglomerate. 
The Meridian team fully immersed themselves into the Hot Wheels business and we were impressed with their thorough and professional approach, leaving no stone unturned. They quickly developed a very detailed understanding of the commercial and financial workings of our business and there is no doubt that we would not have been able to achieve the deal price and structure without this approach. 
 
Their tenacity and drive to get the deal over the line was second to none and we would certainly recommend Meridian to other businesses looking for corporate finance advice. We could not have achieved this outcome without them. 

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