Lighting manufacturer Prolectric Services Ltd has been sold to international group Hill & Smith Holdings PLC, for an initial cash consideration of £12.5m, with the support of the corporate team at Shakespeare Martineau.
Located across UK, USA, France, India and Australia, Hill & Smith Holdings PLC creates sustainable infrastructure and safe transport through innovation, including galvanizing services, roads safety and security products, and utilities products and services.
Prolectric’s off grid solar energy solutions provide a practical way for businesses to measure the reduction in CO2 emissions versus diesel powered alternatives and meet carbon-saving commitments, as well as reduce noise pollution.
Leading the sale for the shareholders of Prolectric Services Ltd were Head of Corporate Adam McGiveron and Partner at Shakespeare Martineau Emma Bryant.
Adam said: “This is yet another great example of a fast-growth entrepreneurial businesses taking the next step in its growth journey. We’ve worked with shareholders at Prolectric for many years and are delighted to support this great deal that benefits both parties.”
The acquisition will enhance Hill & Smith’s product portfolio and give the Group a deep understanding of solar technology. Shareholders from Prolectric Services Ltd, including the management team, will be staying with the business.
Gregg Poulter, finance director at Prolectric Services Ltd said: “This deal is good for both parties. Our tried and tested products provide an innovative no emission solution for Hill & Smith’s client base and we gain access to global markets that will benefit from our products, as well as being able to maintain our brand. This is a really important milestone for us and the team at Shakespeare Martineau gave the shareholders commercially focussed legal advice which helped bring the deal to a successful conclusion. We’re thrilled with the result of this deal and look forward to an exciting future for Prolectric.”