Elaghmore acquires Priden Engineering

The deal is the third acquisition made by Elaghmore from its debut private equity fund, Elaghmore I, which held a final close in 2016. The GP bought Priden from its management team, who will remain with the business.

Barclays provided a debt facility for the transaction worth north of £4m, Unquote understands.

With the fresh financial backing, Priden intends to develop and expand its food engineering business. It will remain an independent company but will work closely with Elaghmore's portfolio company SB Components, acquired in December 2016. Also based in Wisbech, SB Components is a UK supplier of bespoke components for commercial vehicles.

Elaghmore is looking for consolidation opportunities in the sector to strengthen the group, founding partner Andy Ducker said.

A further strand of expansion plans includes spreading the products of SB Components Europe in the Netherlands to the UK and other customers from its Benelux base, Ducker added. Elaghmore acquired a 51% stake in SB Components Europe at the time of buying the SB Components UK business.

The north-of-England-based GP held a first and final close for its maiden vehicle Elaghmore I on £60m after just three months on the road. Elaghmore has made investments on a deal-by-deal basis for around 10 years using capital from the partners, who all come from operational backgrounds.

Following its first acquisition of SB Components, Elaghmore acquired Kesslers, a designer and manufacturer of retail displays and merchandising for UK high street retailers and brands, from Endless in September last year.

Company
Founded in 1988 and based in Wisbech, Cambridgeshire, Priden provides engineering products across a range of sectors including pneumatic vehicles, food, industrial engineering and commercial vehicles. It also offers financial services for customers in its truck and trailer division.

Products include aluminium and stainless-steel parts for commercial vehicles, stainless steel products for the food industry such as individual machines and full production lines, and blowing equipment for the animal feed sector. 

The company has four factories and employs a staff of 100. Together with SB Components, the combined businesses will employ 250 people and are expected to generate sales of £40m in 2018.   

People
Elaghmore – Andy Ducker (founding partner).
Priden Engineering – Kevin Walker (director).

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