Partner Article

Sheffield skate blade manufacturer bought by US investment company

A US-based private investor group based in Boston has acquired Sheffield based HD Sports, the skate blade manufacturer, for a significant undisclosed sum.

The investor group of Robert Donahoe and Paul Harrity has businesses involved in manufacturing, retail and distribution.

For the past three years, operating as HD Sports NA, they were the exclusive distributor of MK and John Wilson ice skate blades in North America.

The new owner plans to keep all manufacturing, research and development in Sheffield.

HD Sports, which can trace its South Yorkshire roots back to the 17th century and whose headquarters are in Rutland Way, Sheffield, crafted blades for every single medallist at the Winter Olympics in Sochi this year.

Its history dates back to 1696, when Royal toolmaker and Sheffield engineer John Wilson started making blades. Wilson was famed throughout England for the quality of his tools, his crafting skills and his unparalleled reputation for excellence.

Renowned engineers Hattersley & Davidson (est. 1894) acquired the firm in the early twentieth century and further developed John Wilson’s reputation for innovation. Prestigious skate company Mitchel & King then joined the stable in 1997, combining to make HD Sports, as it is now known, the unrivalled leader in the global figure skating industry.

Legal advice for the US Investment team was provided by a team led by top Yorkshire lawyer Philip Ashworth, a partner with niche corporate and commercial law firm Walkers in York, and comprising Oliver King and Charlotte Grant.

Mr Ashworth commented: “HD Sports is one of Sheffield’s great success stories and this significant deal with its foreign investment will take the company to another level. The synergy is perfect.

“This was a tremendous transaction in which to be involved and I now look forward to seeing HD Sports going from strength to strength under new ownership,” he added.

Financial due diligence and accounting advice for the US investment team was provided by Yorkshire ccountants JWP Creers.

Tony Farmer, Corporate Finance Partner of York and Selby-based chartered accountants JWP Creers, said: “It was a pleasure to work on a transatlantic deal involving the purchase of a first-class Yorkshire business by a leading North American operation. It was a real team effort by ourselves, the legal advisers and our clients.”

A legal team from Irwin Mitchell in Sheffield, led by Matt Ainsworth, advised the shareholders of HD Sports.

Bob Donahoe, of the investment team, commented: “Having been engaged in many corporate transactions in the US, this was the first one for myself and fellow principal Paul Harrity in the UK.

“We were delighted to engage the services of Philip Ashworth and his team at Walkers in York, who ensured we reached a satisfactory and fruitful conclusion for all concerned,” added Mr Donahoe.

With its distinguished 300-year history, HD Sports has a deep-rooted passion for skating.

Tom Cantwell of HD Sports NA has been promoted to managing director of global operations and will be relocating to Sheffield.

“The HD Sports management team have done an excellent job managing the MK and John Wilson brands. I am excited to be working closely with such a dedicated and committed staff. Our goal will be to make our blades more readily available and accessible to our loyal clients,” said Mr Cantwell.

He reiterated that the manufacturing and sales staff would remain in Sheffield.

This was posted in Bdaily's Members' News section by Robert Beaumont .