- London-headquartered PBE Group is a global industrial investment company, with a focus on electronics and electrics manufacturing and distribution businesses
- PBE Group has acquired West Yorkshire-based power generator business Advanced Diesel Engineering
- Santander UK and Citi have provided £24m funding to support PBE Group’s latest acquisition
PBE Group has acquired West Yorkshire-based power generator business Advanced Diesel Engineering (ADE).
The acquisition of ADE, a leading 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.
Acquiring seven companies in the past decade has helped PBE Group become a leading provider of critical products, with a focus on safety, regulation and productivity, to the engineering industry. The company’s vast array of electronics and electrics products and services – including communications and data networks, collision avoidance systems, safety and productivity technology, temporary and permanent electrics, cables and couplers - and its global reach has contributed to its continued growth.
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.
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.”
Vineet Vetts, UK Head of Industrials, Citi Commercial Bank, said: “Citi is excited to have supported PBE in financing the acquisition of ADE and act as the international banking partner for the group. We believe this will help PBE continue on the path of sustainable growth.”
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