PDL sold in cross-border deal
Who?
Kingswinford’s Prosper Distribution Limited (PDL), manufacturers of special bolts for the subsea, petrochemical and power generation industries.
Did what?
Has been sold to Beck Industries for an undisclosed sum in a cross-border deal.
What does this mean?
PDL recently merged with Midsteel and has expanded strongly, especially in the subsea industry. Nick Taylor, head of Midlands law firm Higgs & Sons’ corporate team, advised on the deal. Taylor said: “PDL and Beck both share the same absolute resolve regarding quality and safety. Their clients operate facilities and equipment where human lives and the environment are at risk. The merger between the companies will see PDL continue to function as a market leader in the high integrity bolting industry with Martin Boulter remaining as the managing director.”
Who advised?
Midlands law firm Higgs & Sons.
Insider comment:
PDL employs 120 people in Kingswinford and Aberdeen. The new group turnover will be in excess of €65m.
For the year to 31 December 2009, PDL reported a turnover of £13m, down slightly from £13.2m in 2008. Export sales increased during the year to £5.9m, representing 45 per cent of sales.
