A Chorley-based company which designs and manufactures specialist automotive parts has been bought out by its management team. Bailcast Ltd, which distributes its products to over 40 countries worldwide, including Europe, the US, Canada, Australia and New Zealand, has been purchased for an undisclosed sum.
The company’s Finance Director Lorraine Alty, Sales Director Martin Calley, and Operations Director David Hartley have acquired the business from founder Philip Hayward who will retain a minority shareholding. Philip, who established Bailcast in 1980, 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.”
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“This deal ensures a seamless transition and continued certainty for the many stockists and distributors worldwide who have come to rely on the quality of our products.”
David Hartley, Operations Director at Bailcast, 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.”
“This deal also ensures that we have secured the jobs for our loyal workforce as Bailcast will remain in Chorley.” Bailcasts patented worldwide products are supplied primarily to the automotive aftermarket and include the market-leading Duraboot CV joint boots and steering rack boots, as well as ball joint dust covers, the Duragun pneumatic CV boot tool and associated accessories.
Martin Calley, Sales Director, added: “This deal ensures that Philip can continue to be a part of the business he started 40 years ago whilst being able to enjoy his retirement. It also means we can continue to build on the previous success of the business enabling Bailcast to move forward with the next stage of its journey. This is an exciting new chapter in the Bailcast story, even during these unprecedented times.”
“More importantly, for our global network of Distribution Partners and customers it simply means business as usual”.