Background
• Beck & Pollitzer is one of Europe's largest engineering services companies specialising in the installation and relocation of industrial plant and machinery and associated services
• Beck & Pollitzer has successfully pursued a strategy of growing from a UK-centric business into a pan-European firm with fully owned subsidiaries in the Czech Republic, Hungary, Germany, France, Poland, Russia and Slovakia. It is the clear market leader in the UK, enjoys very strong growth in the fragmented Continental European market and has a proven global capability
• The Group's client list comprises a broad range of major blue-chip international manufacturing companies. Key clients include Toyota, BAE Systems, BMW, Goss Graphic Systems, Mitsubishi, Nissan, Pirelli, Rolls Royce, Kimberly Clark, Tate & Lyle, Goodyear, Nestle, Gillette and Corus
Process & Outcome
• Close Brothers was appointed as financial adviser on the disposal and ran a highly competitive auction process involving six second-round private equity bidders
• Close Brothers advised the Company on the development of a soft-staple banking package that led to attractive banking offers at a time when the credit-crunch was negatively impacting other similar deals. The transaction completed on schedule notwithstanding the credit market turmoil
• Hermes Private Equity acquired Beck & Pollitzer for £55million in a quaternary buyout in October 2007
Testimonial
Michael Barry, Chairman of Beck & Pollitzer, commented:
"Close Brothers conducted a highly professional campaign and demonstrated great skill in orchestrating a consistent approach from all the parties. Close Brothers adopted just the right balance between allowing management to form a relationship with the prospective bidders and maintaining the integrity of the sales process. I would not hesitate to recommend the Close team to other parties."
For more information regarding this transaction, please contact Gareth Davies, Tim Evans or Manuel Sammut on +44 (0) 20 7655 3100.