The founder of a specialist automotive parts maufacturer has sold out to his management team after 40 years.
Philip Hayward grew Chorley-based Bailcast to a company which distributes its rubber vehicle parts to over 40 countries worldwide.
Now the company’s finance director Lorraine Alty, sales director Martin Calley, and operations director David Hartley have acquired the business through a management buyout. The terms of the deal have not been disclosed.
Hayward, who has retained 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.”
Bailcast employs 13 staff and makes rubber parts for vehicle drivetrain, steering and suspension systems, primarily for the spares and repairs aftermarket.
Hartley added: “The business has been successful because of its strong engineering pedigree, backed by excellence in research and development.
“This ethos has allowed us to provide great products and outstanding customer care to our distributors across the world. With Philip’s continued support, we will stay true to these values as we continue to develop new markets.”
The corporate finance team at MHA Moore and Smalley, led by corporate finance director Stephen Gregson and tax partner David Bennett advised on the acquisition.