PBE Group acquires West Yorkshire-based power generator firm ADE

PBE Group has acquired West Yorkshire-based power generator business Advanced Diesel Engineering (ADE).

The acquisition of ADE, a manufacturer and supplier of acoustic generator and switchgear enclosures for critical power solutions in the UK, the Republic of Ireland and Europe, enables PBE Group to further broaden its product offering, extend its geographic reach and diversify its customer base and revenue streams. ADE will become PBE Group’s third strategic platform company, alongside PBE Axell and PBE Rutherford.

Santander UK and Citi have supported PBE Group’s acquisition by providing a £12m term loan and a £12m revolving credit facility to fund working capital in a 50:50 split.

Headquartered in London, and with offices throughout the UK, Australia, Canada, Malaysia, Singapore, South Africa and the US, PBE Group manufactures and supplies essential power, safety, communications and data solutions for engineering projects throughout the world, largely in the infrastructure sector.

Stuart Champion de Crespigny, PBE Group CEO, commented: “We are honoured to partner with Santander UK and Citi, and are grateful for their hard work supporting us with completing this acquisition. Both banks have amazing reputations, but our decision to go with Citi and Santander UK was driven by their teams, which invested the time to truly understand our business, strategy and diversification plans. We are very happy with our choice and look forward to a long a fruitful relationship together.”

Rob Purdew, Associate Director, Strategic Debt Solutions at Santander UK, said: “We’re delighted to support PBE Group in its acquisition of ADE, acting as agent and mandated lead arranger in this financing. It is a high-growth business with global reach and we’re pleased to support it in its next step toward increasing its presence in the European market.”

PBE completed the acquisition with the assistance of its legal team at Browne Jacobson LLP, financial advisory from Grant Thornton UK LLP, and debt advisory from Trident Debt Capital Advisors. Benchmark International advised ADE in the sale process.