Promanex acquired for £18.8m
Warwickshire-based Promanex has been sold to engineering company Costain Group in a deal worth £18.8m. The acquisition was advised by the Birmingham offices of Deloitte and Eversheds.
Industrial support services specialist Promanex provides management, operation, maintenance and repair services to customers' sites and plant assets.
The company will form part of London-based Costain’s infrastructure division and the management team, led by Mark R Dixon, will remain with the business.
Promanex was sold by private equity firm NVM, which supported the secondary buyout of the company in 2006.
Darren Boocock, corporate finance partner at accountancy firm Deloitte, said: "Mark and his team have driven the business forward since the secondary buyout, positioning it as a leading technical services provider to clients in a number of critical industrial sectors, including power generation, petrochemicals and nuclear. Costain recognised both the strength and ambition of the management team and the capability and potential of the business."
Promanex's client base includes blue chip customers such as EDF, E.ON, Magnox, RWE, Scottish and Southern Energy, Siemens and Total.
