Retail display manufacturer acquired by private investment company
A retail display manufacturer which boasts clients such as John Lewis, Tesco and Halfords has been acquired by a private investment group.
The Heartbeat Manufacturing Company (Heartbeat) has been bought by HLD Group of Companies (HLD).
Headquartered in Redditch, Worcestershire, Heartbeat specialises in retail display solutions and also designs and manufactures bespoke furniture for several leading hotel chains.
The family-owned business, which was founded in 1946 by Audrey and Walter Kingsley Stubbings, employs more than 60 people at its 100,000 sq ft manufacturing facility.
The deal sees HLD acquire the business in its entirety providing an exit for the family shareholders.
Special operations director at HLD David Myles said: “We are delighted to become the next custodian of the Heartbeat business. This long established and innovative producer will complement our existing portfolio of manufacturing businesses, both in the UK and internationally. HLD is excited to have secured this investment.
“We are very pleased to have the opportunity to work with Ross Kendall and Dave Portman who have been steadfast and determined, during the current challenging environment. Ross will lead the business as managing director, Dave will continue as operations director and the senior management team will also be strengthened with new appointments.
“We are eager to engage with our valued clients at the earliest opportunity and it is our expectation that Heartbeat will continue to deliver a first-class service to each and every customer. HLD takes a long-term view on its investments and it is our sincere desire that Heartbeat is here in another 75 years.”
Ross Kendall, newly promoted managing director of Heartbeat, added: “HLD were able to demonstrate that they are investors who can bring a wide variety of opportunities to Heartbeat alongside a wealth of expertise and we are looking forward to being part of the HLD family.
“Innovation and customer service will remain our focus and the foundation of our historic operations. We have a great opportunity to allow the business to fulfil its considerable potential with our existing cherished customer base and with the future opportunities we can now capture.
“Finally, I want to take this opportunity to thank our former owners, but most importantly our loyal and dedicated workforce who remain the heartbeat of our organisation.”
Heartbeat and its shareholders were advised on the sale by FRP, led by partner Martyn Rickels and director Gemma Jones.
Legal advice was provided by Rich Wilkey of HCR for Heartbeat and Ged Barnes of Addleshaw Goddard for HLD.
