S-UBG wholly acquires Palmer Hargreaves

Three members of the company's Germany-based management team have participated in the MBO. CEO, Jörn Langensiepen, and managing directors Iris Heilmann and Susanne Hoffmann, had previously held an interest in the company.

The deal will see BGF exit its minority stake. The firm has already made three exits in 2020, including the sale of Vysiion Group for a 3x return, the sale of Miss Group to trade buyer Perwyn and the sale of Solid Solutions to LDC.

S-UBG offers growth capital and seed funding through its Seed Fonds II Aachen fund. S-UBG also engages in management buyouts. The firm is funded by a network of Sparkasse banks owned by Erste Group.

The headquarters of Palmer Hargreaves will be relocated to Cologne, Germany, from the UK under the company's new name PH1, though the core business will continue operating under the Palmer Hargreaves brand. The company's Moscow location will be taken over by local management by the end of 2020.

Previous funding
In 2013, BGF invested £4m, taking a minority shareholding in the company.

Company
Founded in 1984, Palmer Hargreaves employs 180 employees at its current headquarters in Leamington Spa as well as in offices in Cologne and Shanghai. The company reported turnover of £1.5m for the year ending on 30 September 2019 and an operating loss of £210,917.

People
Palmer Hargreaves - Jörn Langensiepen (CEO); Iris Heilmann; Susanne Hoffmann (managing directors).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• Exits
• United Kingdom
• BGF (Business Growth Fund)
• Secondary buyout