Private equity firm Elaghmore Partners has acquired one of the UK’s leading engineering companies, Priden Engineering Limited in Wisbech, for an undisclosed multi-million pound sum. It was advised by Cambridge-based global law firm Mills & Reeve.
Through this acquisition, Elaghmore will provide financial backing to grow Priden into a national business in the total vehicle solution market and develop and expand its food engineering business.
Priden is the third acquisition made by Elaghmore from its initial private equity fund, Elaghmore 1 which closed at the end of 2016, raising £60 million. The fund was oversubscribed and investors are a mix of US and European institutions.
Priden delivers bespoke engineering solutions to leading companies in a host of sectors including pneumatic vehicles, commercial bodies, truck and bus, and food industrial engineering as well as providing financial services for customers of its truck and trailer division.
Founded in 1988, Priden Engineering provides, among other things, a complete range of aluminium and stainless-steel products for commercial vehicles, stainless steel systems for the food industry such as individual machines and full production lines and is the chief supplier of blowing equipment to the animal feed sector.
The business has four factories situated on more than four acres and a 100-strong workforce. Elaghmore has bought Priden from its management who will remain with the business.
Priden will remain an independent company but will work closely with another Elaghmore business, SB Components, which was acquired in December 2016.
Also based in Wisbech, SB Components, has grown into the UK’s leading supplier of bespoke components for commercial vehicles. Since its acquisition, the business has delivered exceptional growth and this year will deliver a record level of sales and profitability.
The combined Priden and SB Components business will employ 250 people and have sales of more than £40 million per annum.
Priden director Kevin Walker said: “This is an exciting opportunity for our staff and customers. With Elaghmore, Priden now has a strong financial backer, with a track record of growing businesses, who can help us build on our successful work and take us to the next level of our development.
“By working closely with another thriving local company, SB Components, it means we can achieve our ambition of establishing Priden as a national business and open up new opportunities to bring our engineering expertise to new sectors.”
James Warren, managing director at SB Components, added: “Since our acquisition by Elaghmore in December 2016, the business has gone from strength to strength.
“Our focus is on delivering great products and customer service, and we look forward to working closely with the team at Priden to meet the needs of existing customers and develop new market areas together.”
• PHOTOGRAPH – SB Components
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