Clearwater leads PCL Air Technology deal
The Birmingham office of Clearwater Corporate Finance has advised investor Rubicon Partners Industries on its exit from manufacturer PCL Air Technology.
PCL has been acquired by HORN, a portfolio company of Germany-based INDUS Holding AG, which owns 40 companies generating annual sales of about £868.3m (€1bn).
Sheffield-based PCL designs, manufactures and distributes tyre inflation and compressed air products. It also has operations in India and China.
The Clearwater team which advised Rubicon on the sale included partners Jon Hustler, Constantine Biller and assistant director John Clarke.
Hustler said: "This transaction exemplifies how niche engineering businesses in the UK are attracting interest from overseas. UK manufacturing businesses lead by example when it comes to competitiveness, innovation and geographic reach and as a result remain highly prized assets for large global players in industrial markets.
"Rubicon has built PCL into a leading player in its field, providing globally-renowned products of the highest quality under an effective management team that will prove to be a successful asset for INDUS."
The sale of PCL represents Clearwater's ninth industrials deal in 2011.
