Hardy & Greys is a world-renowned fishing tackle manufacturer based in Alnwick, Northumberland. The company has demonstrated a talent for technical innovation, holding numerous patents as well as 10 Royal Warrants over the past century.
We were appointed by Warwickshire based Harris & Sheldon Group to find a new home for this iconic fishing brand as the group was seeking to divest from all its trading activities.
Following discussions with a multitude of interested parties from large multinational corporations to high net worth individuals from across the globe, the business was acquired by Pure Fishing Inc, a division of the NYSE listed Fortune 500 consumer products giant, Jarden Corporation, adding to its existing stable of over 100 brands.
We led all negotiations and helped the client navigate complex commercial aspects of the deal, which resulted in generating a successful outcome maximising value for the shareholders.
By utilising our extensive consumer products expertise, and working closely with Hardy & Greys' management, the team reviewed options for the business to maximise value, including a possible separation of the fishing and composites businesses. We efficiently managed the sale process, shortlisting a credible group of strategic purchasers from a significant number of interested parties, having been able to demonstrate the inherent value of the brand.
Our expertise and understanding of the nature and common practice of US acquirers proved critical in the success of the transaction. This insight and the technical expertise of the team to assist the client in considering solutions for dealing with the existing Defined Benefit Pension Scheme was required in order to remove a significant transaction risk.
Grant Thornton’s international experience was hugely beneficial, with the team not only understanding the nature of US acquirers and their corporate finance practices, but also managing efficiently the deal process despite time differences. The deal progressed very smoothly to a successful conclusion.
Richard Maudslay Deputy Chairman, Hardy & Greys Limited
