Castle Square advise on the sale of PV3 Technologies Limited to AIM listed, James Cropper PLC




Technical Fibre Products Limited, a subsidiary of AIM listed James Cropper PLC, has completed the acquisition of PV3 Technologies Limited, a transaction where the sellers were advised by Yorkshire based corporate finance specialists, Castle Square Corporate Finance.

Operating from a manufacturing facility in Cornwall, PV3 Technologies specialises in the production and development of technical electrochemical materials. Since formation of PV3 Technologies in 2011 the business has developed a range of technical catalysts, battery material and electrodes products supplied to multiple sectors including energy & utilities, medical and automotive.

The Company has grown rapidly in the last five years, by developing a niche range of products aligned with the emergence of the hydrogen fuel markets as an alternative to traditional fossil fuels.

Technical Fibre Products Limited, part of London AIM listed James Cropper PLC, employ experienced materials scientists, engineers and support staff responsible for developing new materials to meet the client’s specific technical requirements. Technical Fibre Products Limited has a long history of working with and supplying leading companies operating in defence, aerospace, fuel cells and composites markets.

The acquisition forms a strategic partnership between PV3 Technologies Limited and Technical Fibre Products Limited, which will provide the Buyer with access to new technologies and processing techniques.

PV3 Technologies was formed in 2011 by majority shareholder and CEO David Hodgson. David has led the business through significant growth in recent years, supported by CTO Nick Van Dijk who joined in 2017.

Both David and Nick will remain in their current roles managing the PV3 Technologies Limited, continuing to support existing clients whilst also working with the new owners to drive growth in new products and markets.

David Hodgson, said, “Right from the beginning PV3 Technologies focused on building a strong, sustainable business, one that delivered for our customers. It’s been an amazing journey; building a world-beating team, in Cornwall, with great support from Regional, National and International partners.  An acquisition was the right thing for PV3’s shareholders at this time, allowing the company to forge a new path. James Cropper PLC is a superb home for PV3 technologies as they share many of the values, we built the business on. As our Corporate Finance Advisor, Patrick guided us through the whole process with real skill and diplomacy, keeping us focused on the things that mattered.”

Castle Square is an independent, specialist mid-market corporate finance boutique operating from offices in Sheffield and Leeds. Castle Square has a proven track record of successfully delivering corporate finance services on a wide range of clients based nationally and internationally.

Director Patrick Lynch from Castle Square advised the PV3 Technologies shareholders on the transaction.

Patrick Lynch said, “David, Nick and the Team have established niche range of coatings and powder products suitable for multiple applications using innovative production techniques. In partnership with the TFP Team the business is poised to take advantage of significant growth opportunities serving new and existing clients across a number of fast-growing sectors”.

Led by Corporate Partner Adam Kudryl and supported by Associate Callum Giliker, the Harper James corporate team provided legal advice and support to the PV3 Technologies shareholders on the transaction. Harper James, specialise in providing legal services to ambitious businesses across the UK.

Adam Kudryl said: “We are pleased to have supported the principal shareholders of PV3 through what is a key moment - their exit as owners and realisation of the value that their hard work has built in the business. This transaction also secures a bright future for PV3 and its employees and will it enable it to grow, develop and move into new markets, so is an exciting deal to have been a part of.  It also shows how, despite the challenges of the current pandemic, ambitious businesses are still determined to make that next step. This is a journey Harper James Solicitors is proud to be a part of and I wish PV3 huge success as it moves forward in this exciting phase in its life cycle as a business.”

Having looked after David and PV3 on all accounting and taxation matters for a number of years, regional accountancy firm Sutton McGrath Hartley (SMH) advised and assisted on various matters for the Shareholders throughout the transaction.

Ross Jordan, Senior Manager at SMH said: “Finding the right fit of corporate advisors to handle the deal for David was our main priority during the initial stages. Having previously worked closely with Patrick for a number years, it was great to bring Castle Square in on this deal, I knew the fit would be perfect. David’s technical knowledge and passion in this field is clear for all to see, he has developed a business which is primed for rapid growth and this acquisition allows for some real synergies between the two businesses. This will really propel PV3 forward over the coming years and will ensure David’s business and industry legacy is well-looked-after.”

SMH is a well-established accountancy and tax firm specialising in a wide range of business and private client services across Yorkshire and Derbyshire.

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