Drum case manufacturer bought in MBO
An East Midlands drum case manufacturer has been sold in a management buyout (MBO) led by the company’s former sales manager.
Hardcase International employs 15 people and manufactures 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, said: “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 said: “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 used by bands including Iron Maiden, Kaiser Chiefs, Level 42 and The Pigeon Detectives.
