Bailcast team completes MBO
Chorley-based automotive parts specialist Bailcast has been bought out by its management team.
The company designs and manufactures rubber parts which are used for vehicle drivetrain, steering and suspension systems, primarily for the spares and repairs aftermarket.
Bailcast employs 13 staff at its headquarters at Chorley North Industrial Park and it exports to more than 40 countries, including Europe, the US, Canada, Australia and New Zealand.
The company’s finance director Lorraine Alty, sales director Martin Calley, and operations director David Hartley have acquired the business from Philip Hayward, who founded the business in 1980.
Philip, who will retain a minority shareholding, said: “The business has been in the safe hands of our excellent management team for the last few years and it is a pleasure to be able to offer them ownership in the business."
The deal was completed for an undisclosed sum. Members of the corporate team at Forbes Solicitors including Pauline Rigby and Jenny Burke advised on the MBO, along with the corporate finance team at MHA Moore and Smalley, led by corporate finance director Stephen Gregson and tax partner David Bennett.
Stephen Gregson of MHA Moore and Smalley said: “It’s been a privilege to support a longstanding client of the firm. Not only does this deal help the founder achieve value from a business he developed over many years, it means Lorraine, Martin, and David can build on the success they have already enabled, taking Bailcast forward to the next stage of its journey."
- For further Lancashire business news, advice and analysis subscribe to Lancashire Business View or join the LBV Hub from just £2.50 per month. Click here to subscribe now.