Hylomar general manager Warrick Dawson and chairman Peter Rowley, Craig Richardson of PHD Equity Partners, Hylomar operations manager Lee Kelly, Philip Price of PHD Equity Partners, and Ken Thompson
Hylomar, which manufactures adhesives and sealants for the automotive market, has been acquired by PHD Equity Partners for an undisclosed sum.
The company, which employs 28 staff at its factory in Wigan, supplies products to car manufacturers as well as aerospace and industrial clients. Hylomar exports to over 60 countries and has subsidiaries in the US and Germany. Around 70% of its products go to export markets.
PHD Equity Partners will support the management team as it pursues plans to expand the business in both new and existing markets.
Established in the 1950s, Hylomar was part of the US industrial group MacDermid Inc until 2001 when it was acquired by Peter Rowley. PHD Equity Partners is the private equity arm of Dow Schofield Watts. This latest investment follows its recent investments in the Accrington-based tools and fasteners supplier Olympic Fixings and Newark-based arts equipment supplier Teaching Art in the summer.
Craig Richardson and Philip Price led the deal for PHD Equity Partners with support from Tony Meakin. Craig Richardson said: “Hylomar is an established and profitable business within a growing market and whose products are used in many of the best-selling and top of the range brands. We can see ways to add value and pursue growth opportunities. We look forward to working with management to help take the business to the next stage of its development.”
The corporate finance team at MHA Moore and Smalley, led by Stephen Gregson, advised Hylomar. Stephen Gregson, corporate finance director, said: “Having been able to introduce Hylomar to PHD Equity Partners, it is incredibly pleasing to see this deal through to completion. Hylomar is a profitable business with a strong management team who can now look forward to the next stage of growth with the financial backing and expertise of the team at PHD Equity Partners.”
Ed Brentnall of DSW Transaction Services provided due diligence on the deal. Legal advice was provided by Jonathan Robinson and Katy Phillips of DWF and the corporate team at Napthens solicitors, led by Rob Dobson.
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