Worcestershire investment group snaps up Ilford film maker
THE firm which makes the famous Ilford brand of black and white camera film has been sold to Worcester-based investment group Pemberstone Ventures.
Pemberstone, headed by Mark Anslow, the former lead partner at BDO in Birmingham, has paid an undisclosed sum for Harman Technology, which is based in Mobberley, Cheshire.
Harman, which was owned by its management team, employs 200 staff and turned over £19.4m in 2014.
Managing director Peter Elton and finance director Andy Taylor will continue to run Harman following the deal. Pemberstone chief executive Mark Anslow and chairman Andrew Barker will join the Harman board.
Harman was created in 2005 when former directors of Ilford Imaging UK bought the business out of administration. They named the new company after Alfred Harman, who founded Ilford in 1879.
In recent years, Harman Technology has seen improved sales and profits amid a revival in analogue photography. The firm exports to more than 40 countries, with overseas sales accounting for 90% of its revenues.
Harman is best-known for its black and white film, but it also supplies desktop media for colour and monochrome prints, wide-format inkjet display media, single use cameras, photographic materials and coatings.
Anslow said: “We have been tracking the performance of Harman for some time and are very positive about the potential we see. We’ve made this purchase with the intention of supporting Harman to achieve significant growth over the coming years.
“We are very excited by the potential of the analogue photography movement, and believe that Harman is uniquely placed to drive the resurgent film market into the future.”
Elton said: “Under the stewardship of Pemberstone, we will be in a position to capitalise on the opportunities presented by the resurgence in analogue photography and to grow our business.”
Manchester-based HURST Corporate Finance acted as the lead adviser on the deal. Partners Nigel Barratt and Rachel Murphy advised Harman.
Barratt said: “This transaction represents a great deal for all parties. Ilford is a respected global brand and, under Pemberstone’s ownership, I am sure it will enjoy continued success in the future.”
Rebecca Grisewood and Kate Richards, at the Manchester office of Gateley, advised Harman.
Rob Laughame, of Irwin Mitchell’s corporate team in Birmingham, advised Pemberstone.
Pemberstone Ventures has investments in companies across the UK whose activities include manufacturing, travel and technology.
