BGF invests £4m in Palmer Hargreaves

The investment, which saw BGF taking a minority shareholding, will be used to support the company's acquisitive growth strategy - the business will target companies in the UK and Germany as well as expand into China and Brazil.

Company
Founded in 1984 by current chairman Andrew Clift, Palmers Hargreaves started out with strong ties to Ford, where Clift previously worked in sales and marketing. The company then expanded its focus on the automotive aftersales market, and later agrichemicals, financial services and BSB services.

Clients include Ford, Bayer, Mercedes Benz, Jaguar Land Rover, General Motors, Audi, Volkswagen, Mazda, Continental Tyres and BMW.

Palmers Hargreaves employs 130 people at its office in Leamington Spa and at its additional operations in Cologne, Berlin and Moscow.

The company recently acquired a German IT and telecom communications business, PR Partners, expanding the business's services and client base.

People
BGF investment director Ian Downing has joined the company's board as part of the transaction. Andrew Clift is executive chairman of Palmers Hargreaves. Randy Weeks is the company's CEO.

Advisers
Equity - Mazars, Julian Clough (Financial due diligence); Pinsent Masons, Paul Harkin (Legal).
Company - Wilkes Partnership, Gareth O'Hara (Legal).

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• Topics
• Expansion
• UK / Ireland
• Media
• BGF (Business Growth Fund)
• United Kingdom