Yorkshire bathroom manufacturer snapped up
YORKSHIRE bathroom manufacturer Cavalier Marketing has been acquired.
Malta-based HLD Group has a range of manufacturing and industrial distribution businesses across the UK and Europe. Cavalier Marketing, based in Keighley, is one of the largest manufacturers and suppliers of bathroom furniture in the UK and employs 122 people.
John and Rob Harrison, the vendors, will remain with the business for the long-term and continue to develop the bathroom business with the HLD Group, which has a turnover of almost £80m.
Demis Ohandjanian, chief executive of HLD Group, which employs 550 people, said: “The acquisition of Cavalier Marketing Ltd has been in our plans for several months, the business has developed superbly under the leadership of John and Rob Harrison. With this acquisition, our group will make a quantum leap in the home products sector and we are thrilled at the prospect of working with John and Rob for the long term benefit of Cavalier and HLD.”
John Harrison from Cavalier Marketing said: “We are delighted to complete the sale to HLD and will continue to be actively involved with the business as it becomes part of the HLD Group.”
Addleshaw Goddard advised HLD Group on its acquisition and corporate partner Paul Johnson and associate Sandip Khroud from the Leeds office of law firm Irwin Mitchell advised John and Robert Harrison at Cavalier. Derek Prince and Ian Macnamee from RBS Invoice Finance and RBS banking teams in the Midlands worked in collaboration to fund and support the deal, with Leeds-based Mazars introducing Cavalier Marketing to HLD to secure the sale. Advisors to Cavalier Marketing from Mazars were Oliver Hoffman, national head of Corporate Finance at Mazars and Will Brennand, corporate finance manager. Squires Patton Boggs acted for RBS.
Harrison added: “From the moment Oliver Hoffman at Mazars introduced us to HLD we knew it was a strong fit and would benefit the future growth of Cavalier Marketing, our customers and our staff.”
Addleshaw Goddard’s Ged Barnes, client partner for the HLD Group, said: “It’s great to see both internal investment and external funding supporting British manufacturing to enable businesses, such as Cavalier Marketing, to not only develop, but thrive.
“HLD Group are an ambitious organisation who are looking to expand their portfolio with further acquisitions – and we were delighted to support the management team on this key milestone in its long-term strategy.”
Paul Johnson of Irwin Mitchell said: “Cavalier is very well established in the bathroom sector and is a superb acquisition for HLD. Both John and Robert have many years of experience in the bathroom sector and will be actively involved in Cavalier and HLD in the future. Together the businesses have an exciting future and I’m confident that the management team will take advantage of the growth opportunities that exist here in the UK.”
Oliver Hoffman, national head of Corporate Finance at Mazars added: “This is a great opportunity for Cavalier and we’re delighted to have played our part in helping the acquisition by HLD take place. John and Robert have worked hard to build up the business at Cavalier and this next stage of the firm’s growth with HLD is sure to be a great success.”
Colin Muir, head of Asset Based Lending, SME, RBS Invoice Finance, said: “We are delighted to support the HLD Group in its latest chapter in their growth plans and look forward to being an integral part of their future success.”
