Industrial investor’s purchase sees founding family exit after 70 years
Coventry industrial business Park Sheet Metal has been sold by its founding family after more than 70 years.
Private equity group Rubicon Partners, which specialises in industrial businesses, has bought the £17m-turnover business from owner and managing director Stephen Payne for an undisclosed sum.
Park Sheet Metal supplies metal components and assemblies to the automotive, defence and aerospace industries. Its client list includes many of the UK’s largest car manufacturers, including Jaguar Land Rover, Nissan, Aston Martin and Bentley.
The Payne family started Park Sheet Metal in 1947 and it has grown to employ 250 people at five sites on the outskirts of Coventry.
It makes prototype tooling and assemblies and low volume production of sheet metal, or body-in-white, components.
Payne said: “Rubicon Partners are committed to further developing and investing in PSM, having already signed off on additional plant, equipment and facilities to support planned growth.”
Rubicon has appointed Mark Barge as chief executive, who has spent the last 25 years with Ricardo, rising to become managing director of the performance products division.
The corporate finance team at EY in Birmingham advised Park Sheet Metal on the sale of the business, for an undisclosed sum.
Anthony Edwards, from EY’s M&A team in the Midlands, added: “PSM has a rich heritage of partnering with some of the UK’s leading automotive manufacturers.
“EY have worked hard to find the right buyer for the business and in Rubicon Partners have found an investor with extensive experience and a strong commitment to develop and invest in the future.”
Stuart Grantham, Director of Leveraged Finance Corporate Banking, HSBC UK, which lent money to support part of the deal, said Park Sheet Metal has been a HSBC customer since 1947 and it was fully committed to supporting the business and its management team.
“The business operates in a niche automotive market offering high-quality components to luxury manufacturers and, with continued support, it has the platform to grow further,” he said. “We look forward to continuing our strong relationship with the business and its new Chief Executive, Mark Barge.”
