FRP supports sale of heritage manufacturing firm
Friday March 19, 2021
The Heartbeat Manufacturing Company sold to private equity fund.
We are pleased to have advised The Heartbeat Manufacturing Company (Heartbeat), an integrated design and manufacturing firm, on its sale to HLD Group (HLD).
Headquartered in Redditch, Worcestershire, Heartbeat is a design, manufacturing and fitting company that specialises in retail display solutions, from original window schemes to volume fixture production and uniquely tailored retail display concepts for blue chip UK food retailers. It also designs and manufactures bespoke furniture for several leading hotel chains in the UK, delivering innovative solutions that are designed to improve customer experience.
The family-owned business, which was founded in 1946 by Audrey and Walter Kingsley Stubbings, employs more than 60 people at its 100,000 square feet manufacturing facility in Redditch.
This deal sees the private investment company HLD acquire the business in its entirety, providing an exit for the family shareholders.
Commenting on the transaction, HLD Special Operations, Director 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 takes a long-term view on its investments and it is our sincere desire that Heartbeat is here in another 75 years.”
Ross Kendall, 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.”
Partner, Martyn Rickels, said: “The sale of Heartbeat not only enables the family to fulfil their succession plan, it also demonstrates the demand among private equity firms for investment opportunities in heritage manufacturing businesses that are renowned for skill and quality of service.”
The sale of Heartbeat demonstrates the demand among private equity firms for investment opportunities in heritage manufacturing businesses.Martyn Rickels Restructuring Advisory