Wed, 10 Jul 2019 | BUSINESS SALE
Park Sheet Metal Company (PSM) has been taken over by investment giant Rubicon Partners in its 74th acquisition deal in more than 25 years of experience and operations.
The manufacturing firm, headquartered in Coventry with roughly 250 members of staff across its five sites, and one that provides services to clients like Aston Martin, Bentley, and Jaguar Land Rover, was best known for its development of components used in prototype and production assemblies.
EY’s Birmingham corporate finance team advised PSM on the deal and sale to London-based Rubicon Partners.
PSM’s most recent accounts on Companies House revealed a turnover of £12.2 million in the year ending 31 January 2018, and a pre-tax profit of £781,000.
Mark Barge, previously the managing director of Rubicon Partners’ performance products division of Ricardo, has been appointed as PSM’s new chief executive.
The previous owner of PSM, and current managing director, Stephen Payne, said: “Rubicon Partners are committed to further developing and investing in PSM, having already signed off on additional plant, equipment and facilities to support planned growth. I would like to thank the EY team for all their support and advice.”
Anthony Edwards from EY’s Midlands Mergers & Acquisitions division, added: “PSM has a rich heritage of partnering with some of the UK’s leading automotive manufacturers.
“EY have worked hard to find the right buyer for the business and in Rubicon Partners have found an investor with extensive experience and a strong commitment to develop and invest in the future.”
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