Kevin Parkin, the Sheffield based entrepreneur and former Managing Director of DavyMarkham, led a Management Buy-In/Buy-Out of Midlands based manufacturer - Precision Technologies International Limited (PTI). Backed by Private Equity Firm Panoramic Growth Equity, with debt funding provided by Finance Birmingham and Santander. Legal advice was provided by Ben Hendry and team from Nabarro’s.
Following completion of the transaction, Kevin becomes Managing Director and shareholder in the company, with plans to expand into new sectors, such as nuclear, defence and medical. Job creation will be through ambitious plans, including a new apprentice training programme. Management was advised on the transaction by Kevan Shaw and Steve Bell, Directors of Castle Square Corporate Finance, a leading independent advisory firm.
Kevan Shaw of Castle Square said, “We are delighted to have advised Kevin and the team on this transaction and assisted in the necessary fundraising. PTI is a world class company and under its new management and ownership we are sure it will archive rapid growth”.
In what was a complex deal both in terms of negotiation and structuring requirements in funding streams to finance the transaction and the working capital of the group moving forward. The Management Buy-In element added additional complexities, with these kinds of deals being the most difficult to obtain funding for in the current market place.
Kevin Parkin said, “Having been introduced to the opportunity by Kevan Shaw, Castle Square provided the support throughout the transaction, identifying appropriate funders and leading negotiations with Panoramic Equity, Finance Birmingham and Santander to deliver the deal”.
