Private equity firm snaps up engineering solutions company in multi-million pound deal
Private equity firm Elaghmore Partners LLP has acquired Priden Engineering Limited, for an undisclosed deal, said to be worth several million pounds.
Based in Wisbech, Cambridgeshire, Priden delivers bespoke engineering solutions to leading companies in a host of sectors including pneumatic vehicles, commercial bodies, truck and bus, food industrial engineering as well as providing financial services for customers of its truck and trailer division.
Andy Ducker, founding partner at Elaghmore, said: “Priden Engineering is a business with a strong history, good reputation with customers and excellent prospects for future growth. Our strategy is to build Priden Engineering into a leading national business in the total vehicle solution market and to develop and expand its food engineering business, using our experience from Chaucer Foods.
“At the same time, we want to help Priden take advantage of opportunities to collaborate and work with the team at SB Components. We are looking forward to working closely with Priden’s management to help realise these goals.”
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.
Commenting on the transaction, Kevin Walker, director, Priden, added: “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.”
Elaghmore will provide financial backing to grow Priden into a national business in the total vehicle solution market and to develop and expand its food engineering business. Priden Engineering will remain an independent company, however, it will work closely with another Elaghmore business, SB Components, which was acquired in December 2016.
The combined Priden and SB Components business will employ 250 people and have sales of more than £40 million per annum.