Warburg Pincus, Macquarie invest in Premier Technical Services

Harriet Matthews
17 May 2021

Tweet
Facebook
LinkedIn
Google plus
Send to

Warburg Pincus and Macquarie Capital Principal Finance have announced they are to jointly acquire a majority stake in UK-based building compliance service Premier Technical Services Group (PTSG).

PTSG has been under Macquarie's ownership since 2019 and the GP has since provided funding to PTSG from its balance sheet, according to a statement. The deal sees Macquarie reinvest in the structure.

The deal came about via a bilateral approach from Warburg Pincus to both Macquarie and PTSG's management team, a source close to the situation told Unquote.

The investment is intended to back the company in the next stage of its growth and to support its organic growth and consolidation strategy, with the aim of acquiring a greater share of the UK market.

PTSG previously expanded by acquisitions, including Trinity Fire in 2019 and Guardian Electrical Compliance in 2018.

Previous funding
Macquarie acquired a majority stake in PTSG in 2019 via a take-private deal, with the terms of the offer agreed in June that year. The offer comprised an all-cash offer in which PTSG's shareholders were to receive 210.1 pence in cash per share. The deal valued PTSG at £265.3m.

Company
Founded in 2007, PTSG provides building compliance services such as fire and electrical compliance, fall protection and facade access. It provides services via its four divisions: PTSG Access & Safety, PTSG Electrical Services, PTSG Building Access Specialists and PTSG Fire Solutions.

The company has 1,400 staff across its 37 UK sites and is headquartered in Castleford, West Yorkshire. PTSG posted 2019 revenues of £133.7m, compared with almost £69.1m in 2018 and £52.9m in 2017. The company posted adjusted EBITDA of £35m in 2018, compared with £12.3m in 2017.

People
Warburg Pincus – Adarsh Sarma (managing director, co-head of Europe); David Reis (managing director).
Macquarie Capital Principal Finance – Adam Joseph (head of private equity).
Premier Technical Services Group – Paul Teasdale (CEO).

Advisers
Equity (Macquarie Capital Principal Finance) – KPMG (corporate finance); Macquarie Capital (corporate finance); Travers Smith (legal).