World-leading drum case manufacturer acquired in MBO
6 October 2017
Chesterfield based Hardcase International Limited, one of the world's leading manufacturers of rigid plastic drum and percussion cases, has completed a management buyout of the business. Led by the company's former Sales Manager, the business is now on course to enter new markets and plans to increase its workforce.
Currently employing 15 people and manufacturing 30,000 drum cases annually at its Sheepbridge site, under new ownership Hardcase now plans to increase production. New owner and Managing Director Dave Eyre has committed to production remaining in Chesterfield with plans for larger premises to be considered in the long term.
Purchased from founder Derrick Round, the MBO of Hardcase was overseen by Mitchells Chartered Accountants and Business Advisers in conjunction with BRM Solicitors and Optimum Corporate Solutions.
Eyre, who joined the business as Sales Manager in 2003, commented:
"I am delighted to have acquired Hardcase – it is a company I care so much about. Throughout the buyout process, the wider team and I were committed to a friendly acquisition building on an already strong relationship with the previous owner. Everything went smoothly and it is in no small part thanks to the collaboration between Mitchells, BRM and Optimum."
Andrew McDaid, partner at Mitchells added:
"I am delighted that we have been able to assist Dave with a friendly acquisition which was hugely important to him. By working collaboratively with BRM and Optimum we were able to secure a smooth transition of ownership of the business to Dave, securing all employees' jobs in the process. Hardcase is a very strong company financially and I have no doubt this will not only continue but also grow under Dave's leadership."
Andy Stone, Director at Optimum Corporate Solutions commented:
"It was a real pleasure bringing the finance package together for Hardcase. Dave has an inspirational passion for the business and I know it will continue to thrive under his management. At Optimum, we pride ourselves on helping clients secure the right finance. This case in particular has been a good news story and with the collaboration of Mitchells and BRM we ensured the right solution for Dave and Hardcase."
Sarah Rowland, Director of BRM, added:
"Having acted for Derrick and Hardcase for a number of years, it was a pleasure to act in the sale, and help Derrick achieve his goal of passing the business on to his existing management team. Working closely with Mitchells helped simplify negotiations, enabling the deal to complete on time. We wish Derrick well for the future, and look forward to seeing the company build upon its successes in the capable hands of Dave and the team."
Established in 1992, Hardcase was one of the first companies to provide rotational moulded plastic drum cases into the Music Industry. The company's products are now recognised around the world by leading musicians from renowned bands including Iron Maiden, Kaiser Chiefs, Level 42 and The Pigeon Detectives.
Dave praised the business' strong team, quality products and dealer network, reassuring the market that
"Hardcase has always been customer driven and will continue to be so under my ownership."
As a drummer himself, Dave is committed to supporting high street businesses and musicians, explaining:
"maintaining the high levels of customer service associated with Hardcase products is so important to me. Our network of trusted high street retailers and international distribution partners is an important part of the brand's reputation within the music industry and a key contributor to Hardcase products being regarded as the best."
In addition to Hardcase, Mitchells also led the successful MBO of neighbouring company Amber Plastics from Derrick Round in 2015.
For more information on how Mitchells can assist with management buyouts, visit the website here: http://www.mitchellsaccountants.co.uk/our-services/specialist-support/corporate-finance/ or contact Mitchells on 01246 274 121.