130 year-old manufacturer makes its mark with acquisition
130 YEAR-OLD knife manufacturer Arkote has acquired blade producer Hardy UK.
The Liverpool-based company itself was founded in 1854 and specialises in leather blades.
Sheffield’s Arkote supplies industrial machine knives to the tobacco industry.
It was acquired in 2002 by US-based distributor Fi-Tech Inc. Exports make up 80% of its business, supplying businesses in 35 countries.
Arkote’s managing director Peter Oxspring commented: “The similarities between Hardy UK now and Arkote at the point of its acquisition by Fi-Tech in 2002 are striking.
“Hardy UK’s manufacturing expertise within its industry niche is second to none, at the heart of which is the dedication of its employees. We have been supported by Fi-Tech since the acquisition with substantial investment in premises, state-of-the-art machinery and people. We plan to replicate that story of success with Hardy in the coming years.”
David Forrest and Kevin Davies of BHP Corporate Finance acted as lead advisors to Arkote and Fi-Tech on the acquisition. Kevin Davies, director, said: “The transaction brings together two long-established and highly regarded businesses which are each manufacturing leaders in their specialist niches.”
Legal advisors to the Arkote team were Peter Crawford and Lisa Wallis from Freeths’ Sheffield corporate team. Mr Crawford said: “We were delighted to work alongside Jeff Bassett, Peter Oxspring and the rest of the Arkote management team in bringing this transaction to a successful conclusion.”
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