KBS Corporate Finance oversee sale of PP Control & Automation
KBS Corporate Finance is delighted to have provided lead Corporate Finance advice to the Shareholders of PP Control & Automation on the sale of the Company to Ardenton Capital Corporation
PP Control & Automation, which employs more than 230 staff, said the deal with Ardenton Capital Corporation will help it reach £40m in turnover within five years.
According to its latest accounts, sales increased to £22.7m during the year to 31 January 2018 compared to £19.8m in the prior 12 months.
Established for 50 years and under current ownership and management since 1979, the deal provides the exiting shareholders with a substantial return whilst at the same time allowing them to retain a stake in the business going forward.
Commenting on the deal, David Fox, owner of PP said “The deal with Ardenton is a great outcome for all concerned. It will allow me to realise the value created over many years and retain an ongoing interest in the business as it grows. Importantly, it gives the Company, its employees, customers and suppliers confidence in the future with PP remaining under independent ownership”.
Current managing director Tony Hague has become a significant shareholder in the business as part of the deal and will become chief executive, while founder David Fox has become chairman.
Hague, who has been at the company since 2001, said: “We recognised over 12 months ago that if we were to realise our aspirations of truly growing PP in the way we believed possible, we would need a new business partner to work with. In Ardenton, we believe we have found that partner”.
KBS Corporate Finance worked closely with the Shareholders throughout the process and David Fox commented. “KBS Corporate Finance played a huge role in delivering this transaction. The commitment and professionalism that they put into the deal was key to getting it over the line. KBS brought numerous parties to the table and assessed pros and cons of all offers received. Their knowledge and understanding of Ardenton’s model also gave me great comfort in knowing that we had found the right acquirer for the Company”.
John Hunt, Director of KBS Corporate Finance commented. “It has been a real pleasure working with David and Tony to deliver this outcome. The deal is a “win win” for all concerned and we wish all at PP the best for what we expect to be a very bright future”.