BikeBiz Bicycle and cycling retail news
Weldtite Products Limited was sold on 2nd March via a management buyout led by Paul Davis, the incumbent managing director.
Davis has acquired the majority shareholding from the Bennett-Baggs family who have owned the business for many years. David Bennett-Baggs, who previously led the business, recruited and eventually handed over control to Davis three years ago as part of his own long-term retirement and succession plan. He will remain within the business until the end of 2021 as an advisor and helping with ongoing special projects.
“I’ve very much enjoyed my time in the cycle trade, developing Weldtite and achieving continual growth over the past 40 years,” said Bennett-Baggs. “I am delighted and confident that the company’s future will continue on this path with Paul at the helm and a terrific team behind him. I wish them all every success for the future.”
Since joining Weldtite, Davis has overseen a successful programme of targeted growth and investment in the brand’s product range, marketing and the manufacturing facilities based in Barton Upon Humber. Investment and renewed leadership efforts have led to a sustained and accelerated period of growth, creating ideal conditions for an MBO.
Davis added: “The potential locked up in Weldtite is evident to anyone who takes the time to visits us. I am really proud of the experienced and growing team we have assembled, and I am eager to see the next stage of our brand evolution unfold.”
This year sees Weldtite move into the elite level of cycling through the signing of a sponsorship deal with Team DSM. Based in the Netherlands, they have riders from across the world.
Jan Wermink, head of business strategy, Team DSM, said: “When we met Paul for the first time, we liked his frank, no-compromise attitude towards optimising product performance.
“His ‘can do’ attitude makes him great to work with and we look forward to working with Paul and the development team in Weldtite in the years to come.”
Professional teams advising the buyers were led by Mike Stocks of Smailes Goldie and Nasim Sharf of Wilkin Chapman Solicitors LLP. Ian Lamb, also of Smailes Goldie, and Nick Scott of Andrew Jackson Solicitors LLP acted for the sellers.
Read the March issue of BikeBiz below:
