PJD powers on with Graytons merger
PJD Group, the Castle Donington-based mechanical engineer, has acquired Graytons, the holding firm based in Scunthorpe. Nottingham law firm HBJ Gateley Wareing and Midlands’ based KPMG Corporate Finance advised PJD Group on the merger.
The move allowed PJD to acquire Graytons from existing shareholders John Thurston and Peter O'Sullivan in a cash and shares deal. Funding was provided by HSBC Corporate Banking’s East Midlands team.
Graytons specialises in delivering structural and mechanical engineering solutions to industry. Former shareholders Thurston and O'Sullivan will both remain with the business and have joined the PJD Group board.
PJD managing director, David Hayle, said: "This is an excellent fit for us. Graytons has 15 years' experience in the industrial sector and is a very respected business in that arena. It complements perfectly our business in the power sector. We are looking forward to working with John and Peter in what will be the next exciting stage in the development of PJD Group."
Mark Rutherford and Victoria Bandy of HBJ Gateley Wareing, and Neil Meredith of KPMG Corporate Finance advised PJD. The HSBC team was led by Steve Stout.
Rutherford said: "This is an important move for a much-respected and growing local business. The corporate team at HBJ Gateley Wareing in Nottingham are delighted to have advised PJD Group on such a significant deal."
Ian Stitt, HSBC deputy head of corporate banking for the Midlands, said: "PJD Group is an excellent example of a dynamic and innovative East Midlands based business, and this latest acquisition underscores the company’s forward thinking growth plans. We are delighted to be supporting PJD Group and look forward to continue working with the company in the long term."
Graytons were advised by Andy Durbin and David Crump of Smith Cooper Corporate Finance, and by Philip Raven and Paul Feenan of Freeth Cartwright.
