Manchester law firm Pannone Corporate have advised in respect of the management buy-in of international toy importer and distributor, H Grossman
Toy industry veteran, Martin Grossman, has sold his UK-based wholesale toy firm H. Grossman Ltd and its Hong Kong division H. Grossman (HK) Ltd to Mark Walls and Daniel McLoughlin who have completed a majority share purchase to acquire ownership of the companies. Mark and Daniel have worked in the toy industry for a combined period of 35 years and both are formally of HTI, where Mark, who becomes managing director following the buy-in, held the position of UK managing and sales director along with Daniel in Hong Kong, who was responsible for product development, sales and sourcing for over 10 years, a role in which Daniel will continue.
Mark Walls commented: “We are delighted and extremely proud to have the opportunity to acquire HGL. The business has seen 70 years of success and has developed a reputation within the industry for delivering craze lines and award-winning products. There is great scope to expand the business with its core brands and licensed portfolio to its growing UK and international customer base. The UK and HK teams have played a key part in the success of the company and it is imperative that the team remains at the forefront of the business for the future.”
The incoming management team was advised by Corporate Partner, Tom Hallat Manchester law firm, Pannone Corporate. The advisory team also included Corporate Solicitor, Arshnoor Amershi and CLB Coopers, who provided corporate finance and tax advice.
Speaking of the support they received from their advisors, Mark commented, “Dan and I worked very closely with the team at Pannone Corporate to get this deal done. They were crucial to getting it completed after many twists and turns along the way!”