BKL completes sale of engineering firm
BKL’s corporate finance team has successfully completed the sale of Priden Engineering to Elaghmore Partners.
Priden is one of the leading independent engineering businesses in the East of England. With four factories and over 100 employees, it provides innovative products and solutions to companies in a range of sectors, including food engineering and vehicles. Financial support from Elaghmore, a private equity firm, will help Priden to develop its customer base and expertise.
As a key part of that development, Priden will be collaborating with SB Components, another business acquired by Elaghmore. SB Components is a leading supplier to the commercial vehicle industry and, like Priden, is based in Wisbech, Cambridgeshire. The two businesses combined are expected to have turnover of over £40 million per annum.
BKL worked with Priden’s directors in preparing the business for sale and negotiating the deal on behalf of the shareholders. BKL advised on all financial aspects of the transaction. As part of the deal, Priden’s management team will remain in place.
Kevin Walker, director at Priden Engineering, commented: “With Elaghmore, Priden now has a strong financial backer, with a track record of growing businesses, who can help us build on our successful work.
“By working closely with another thriving local company, SB Components, we can achieve our ambition of establishing Priden as a national business and open up new opportunities to bring our engineering expertise to new sectors.”
Tom Gallop, corporate finance partner at BKL’s Cambridge office, said: “We’re delighted to have been closely involved in the completion of another local deal. We anticipate a bright future for Priden as its team builds relationships with Elaghmore and SB Components.”
The deal won Insider Media’s Deal of the Month in May 2018.
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