The Birmingham offices of Deloitte and Eversheds have advised the shareholders of industrial support services specialist Promanex on its sale to London listed Costain Group PLC for a total consideration of £18.8 million.
Warwickshire based Promanex provides a range of services in the management, operation, maintenance and repair of customers’ sites and plant assets, including hard and soft facilities management. The company’s client base consists largely of such major blue chip customers such as EDF, E.ON, Magnox, RWE, Scottish and Southern Energy, Siemens and Total.
Promanex will form part of Costain’s Infrastructure division and the management team, led by Mark R Dixon, will remain with the business.
The deal represents an exit for private equity firm NVM, who supported the secondary buyout of Promanex in 2006.
Commenting on the transaction Darren Boocock, Corporate Finance partner at Deloitte said “We have worked with Promanex for a number of years and we are delighted to have supported them with the sale. Mark and his team have driven the business forward since the secondary buyout, positioning it as a leading technical services provider to clients in a number of critical industrial sectors, including power generation, petrochemicals and nuclear. Costain recognised both the strength and ambition of the management team and the capability and potential of the business.”
James Trevis, corporate partner, led the transaction for Eversheds with Associate Theresa-Marie Stodell. James added “We advised on the secondary buy-out and are delighted to have now assisted in achieving a successful exit for all the shareholders. The deal represents a good strategic fit for Costain and an exciting opportunity for management to continue to grow the business”.
Mark R Dixon said “Costain has an exciting future and we are very much looking forward to being a part of it. Allied with Promanex’s proven capabilities and market leading position in our core sectors, we will make a formidable team.
Mark added “We are grateful for the support and hard work of Darren and Anthony Robinson at Deloitte and James and his team at Eversheds– their efforts were critical to ensuring that the deal happened.”