A West Yorkshire power generator business has been snapped up by a global manufacturing group on the back of a £24m banking facility.
Pontefract based Advanced Diesel Engineering (ADE) has been acquired by PBE Group after Santander UK and Citi supported the group with a £12m term loan and a £12m revolving credit facility.
Headquartered in London and with offices throughout the UK, Australia, Canada, Malaysia, Singapore, South Africa and the US, PBE Group manufactures and supplies essential power, safety, communications and data solutions for engineering projects throughout the world, largely in the infrastructure sector.
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The acquisition of ADE, a leading manufacturer and supplier of equipment for critical power solutions in the UK, the Republic of Ireland and Europe, allows PBE Group to broaden its product offering, extend its geographic reach and diversify its customer base and revenue streams.
ADE is PBE Group’s third strategic platform company, alongside PBE Axell and PBE Rutherford.
PBE Group provides a range of critical products to the engineering industry with a focus on safety, regulation and productivity, including communications and data networks, collision avoidance systems, safety and productivity technology, temporary and permanent electrics, cables and couplers.
Stuart Champion de Crespigny, PBE Group CEO, said: “We are honoured to partner with Santander UK and Citi, and are grateful for their hard work supporting us with completing this acquisition.
“Both banks have amazing reputations, but our decision to go with Citi and Santander UK was driven by their teams, which invested the time to truly understand our business, strategy and diversification plans. We are very happy with our choice and look forward to a long a fruitful relationship together.”
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Rob Purdew, associate director, strategic debt solutions at Santander UK, said: “We’re delighted to support PBE Group in its acquisition of ADE, acting as agent and mandated lead arranger in this financing. It is a high-growth business with global reach and we’re pleased to support it in its next step toward increasing its presence in the European market.”
Vineet Vetts, UK head of industrials, Citi Commercial Bank, said: “Citi is excited to have supported PBE in financing the acquisition of ADE and act as the international banking partner for the group. We believe this will help PBE continue on the path of sustainable growth.”
PBE completed the acquisition with the assistance of its legal team at Browne Jacobson LLP, financial advisory from Grant Thornton UK LLP, and debt advisory from Trident Debt Capital Advisors. Benchmark International advised ADE in the sale process.