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Pure Fishing buys Hardy & Greys Ltd

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Pure Fishing buys Hardy & Greys Ltd

Pure Fishing Inc., a leading global provider of fishing tackle, has purchased Hardy & Greys Ltd, the well-known UK provider of fishing tackle for fly, carp, sea and coarse segments around the world, marketed under the Hardy Bros.®, Hardy®, Greys® and Chub® brands.

 

“With a heritage that spans over 140 years, the Hardy Bros., Hardy, Greys and Chub brands represent iconic fishing brands renowned for fly fishing as well as other specialized fishing segments,” commented John Doerr, President and CEO of Pure Fishing. “Hardy and Greys’ award winning products, now partnering with Pure Fishing’s existing brand portfolio through an expanded global distribution network, share a common passion for innovation and create unparalleled opportunities for our loyal and valued customers and anglers around the world. We place the highest importance on acting as stewards for our legacy of brands. We are pleased to welcome the Hardy & Greys team to Pure Fishing.”

Richard Maudslay, Hardy & Greys’ Deputy Chairman stated, “We are excited to be joining the Pure Fishing team. Our owner was deliberate and very selective when he chose to create value for the future of our brands by placing our company on the market for the first time in 45 years. We are proud of the Royal Warrant of Appointment from HRH The Prince of Wales and of having held ten royal warrants during the last century. This honour is a testament to the extraordinary quality products designed and manufactured by our talented and dedicated team for our Hardy Bros., Hardy, Greys and Chub fishing brands. We look forward to being able to grow our business as part of the Pure Fishing family, with its portfolio of brands that will collectively continue to create benefit for our customers and fishing memories for our anglers.”

About Pure Fishing, Inc.
Pure Fishing, Inc. is a leading global provider of fishing tackle, lures, rods and reels with a portfolio of brands that includes Abu Garcia®, All Star®, Berkley®, Fenwick®, Hodgman®, Johnson®, JRC®, Mitchell®, Penn®, Pflueger®, SevenStrand®, Shakespeare®, SpiderWire® and Stren®.With operations in 24 countries and a dedicated workforce conversant in 28 languages, Pure Fishing, Inc. is part of Jarden Outdoor Solutions, a leader in outdoor and recreational lifestyle products and a subsidiary of Jarden Corporation. Additional information can be found at www.purefishing.com.

About Hardy & Greys Limited
Hardy has been based in Alnwick since its formation in 1872. It was acquired by the Harris & Sheldon Group Limited from the Hardy family in 1967. It became Hardy & Greys Ltd in 2004 – the change of name reflecting its acquisition of fellow fishing tackle brand Greys, later followed by the acquisition of Chub – and set up subsidiaries in Germany and the USA which are now key markets. Across its brands, it covers all branches of recreational fishing.

The company has been at the forefront of the fishing tackle market since being awarded its first patent in 1880. It developed the first carbon fibre fishing rods and, thanks to work with researchers at Cambridge University and 3M, recently created rods made from the new SINTRIX™ carbon fibre material that have won a string of awards and are recognised as the finest fly rods in the world.







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Comments (2 posted):

Editor on 04/07/2013 09:44:35
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Could this be the biggest news in Fly Fishing this year? We will be watching with interest to see how the future of Hardy & Greys shapes up under its new owners.
Editor on 04/07/2013 10:02:09
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Here is a bit more information from a more consumer-oriented press release from Hardy & Greys... Iconic British fishing brand sold to international buyer ICONIC Northumberland fishing equipment maker Hardy & Greys has been sold to the leading global provider of fishing tackle, Pure Fishing, Inc. The Alnwick-based company, whose equipment has been used by anglers across the world for over a century, and its subsidiary Hardy Advanced Composites have been bought by Pure Fishing, Inc. for an undisclosed sum. Corporate finance specialists at Grant Thornton in Newcastle and Birmingham and lawyers from Ward Hadaway in Newcastle advised Hardy & Greys’ owner, the Harris & Sheldon Group Ltd, on the sale of the businesses. Hardy& Greys Ltd has been based in Alnwick since its formation in 1872. It was acquired by the Harris & Sheldon Group Limited from the Hardy family in 1967. It became Hardy & Greys Ltd in 2004 – the change of name reflecting its acquisition of fellow fishing tackle brand Greys, later followed by the acquisition of Chub – and set up subsidiaries in Germany and the USA which are now key markets. Across its brands, it covers all branches of recreational fishing. The company has been at the forefront of the fishing tackle market since being awarded its first patent in 1880. It developed the first carbon fibre fishing rods and, thanks to work with researchers at Cambridge University and 3M, recently created rods made from the new SINTRIX™ carbon fibre material that have won a string of awards and are recognised as the finest fly rods in the world. Hardy & Greys’ subsidiary, Hardy Advanced Composites Ltd, supplies not only advanced composite blanks for Hardy fishing rods but also custom-made composite tubes for a variety of customers in the defence, medical, sporting and consumer product markets. The two businesses employ around 100 people. Richard Maudslay, deputy chairman of Hardy & Greys, said: "Hardy & Greys has found a buyer who shares the company’s vision to develop its strong operations not just in the UK, continental Europe and North America but around the globe which is very good news. "Pure Fishing recognises the importance of Hardy’s Alnwick heritage and the skills and expertise of the Alnwick-based employees." Zara Lane, who leads Grant Thornton's Newcastle Corporate Finance offering, said: “Grant Thornton’s corporate finance team’s depth and breadth was invaluable in thoroughly analysing potential purchasers to ascertain those which represented a truly strategic fit for the businesses, could build on the considerable heritage of the brands and take them forward into the future. "This latest deal highlights an increasing trend for overseas buyers keen to acquire strong British brands across a range of sectors.” Katherine Hay-Heddle, partner in the Corporate Finance team at Ward Hadaway, led the firm's team advising on the sale. Katherine said: "Hardy & Greys is a truly iconic name in the world of fishing as well as a long-standing client of Ward Hadaway so it was important for us to be able to secure a successful sale of the business. "We are delighted to have assisted the team at the company on this deal which will see Hardy & Greys become part of a major global consumer group." Richard Maudslay, of Hardy & Greys, added: “Grant Thornton’s international experience was hugely beneficial, with the team not only understanding the nature of US acquirers and their corporate finance practices, but also managing the deal process efficiently despite time differences. "Ward Hadaway's assistance was invaluable in ensuring that the deal progressed smoothly to a successful conclusion.”
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