The management team of Godiva Bearings Group Ltd who have branches in Dudley, Newcastle-upon-Tyne and Shepperton have undertaken a management buy-out of the business funded by NatWest.
Godiva Bearings has had the reputation of being the leading supplier of bearings and related products for over 35 years. Their comprehensive range, stock, exceptional standards of service and quality assurance have established the Group as the leading supplier of specialised bearing products in the UK, Europe and the rest of the world.
As a result of the company’s skill, knowledge and experience it has continued to grow even in the current difficult economic climate. Whilst growth has been achieved it was recognised by Godiva Bearings shareholders that the best way to ensure the long term success was to allow a younger, more customer – supplier focused management team to carry on their good work.
The buy-out has been led by managing director, Tom Hamlett. NatWest has provided a debt package to support the buy-out and also supplied the company with additional working capital facilities through its sister company RBSIF. Miramar Corporate Services Ltd acted on behalf of the business with Mazars and Shoosmiths advising the bank during the transaction.
Speaking of the buy-out, managing director, Tom Hamlett, said: “I am extremely proud to have been a part of this fantastic company for the last 21 years and I’m looking forward to the next 20 years with great enthusiasm. Together with my colleague and Financial Director Trevor Brain, who has been a real asset to the company for the last ten years and an invaluable support for me, the plan is to make this an even better and more successful business than ever before. It is very pleasing to have completed the MBO with the help of NatWest. We have some wonderful plans for the future which will benefit the company and in turn all of our employees. I am very confident that there are many market opportunities to seize and run with that will have a big effect.”
Nic Hanlon Director at NatWest Structured Finance who put in place the funding structure together with his colleague Ian Gough, said: “Godiva Bearings Group is a great example of a successful growing business, and we are pleased to have supported Tom and his team in fulfilling their ambition of taking ownership of the business.”
Andrew Mills, CEO, Miramar Corporate Services Ltd: “It has been a delight to work with and advise Tom and the management team to enable them to buy Godiva and to take their destiny into their own hands. The team has many exciting developments planned for the future, and it shows that for the right business, with the right deal structure and sound advice, funding can be obtained to do deals even in these challenging economic times.”
Richard Gilliland, Solicitor at Shoosmiths: “All the professional advisers pulled together to make this deal happen in a short timescale. It’s great to see a home-grown industrial business getting the backing it needs from NatWest Structured Finance and we were delighted to be involved.”
Greg Hall, Partner, Mazars LLP: “It was a real team effort making sure that this management buy-out happened for Tom and his team, and Mazars are delighted to have played a part in this important change at Godiva. We wish them continued success in the future.”