Seneca achieves multi-million pound exit from Yorkshire firm

Connor Grimes

Investment specialist Seneca Partners has realised a 3.6x return from its investment in Premier Technical Services Group, not including the tax relief benefits provided by the Enterprise Investment Scheme (EIS).

Haydock-based Seneca Partners provided growth capital to Premier Technical Services Group to support its initial public offering (IPO) in February 2015.

PTSG, based in Castleford, is the UK’s leading provider of façade access and fall arrest equipment services, lightning protection and electrical testing, specialist building access and fire solutions.

Since IPO, the company has demonstrated strong growth through the implementation of its acquisition strategy and by winning numerous contracts and servicing blue-chip clients such as HSBC, Scottish Water, the NHS, Marks & Spencer, as well as conducting maintenance at Manchester Airport and iconic buildings such as No 1 Spinningfields in Manchester.

Investment manager Connor Grimes said: “We are delighted with this realisation, a 3.6x return on initial investment is a fantastic result.

“PTSG is a great example of a regional business with strong leadership that took on growth capital at an early stage to fund its next phase of development – we will continue to target companies like PTSG.”

PTSG, to the end of December 2017, grew its revenues to £53m, with an adjusted EBITDA of £12.3m and currently has a market capitalisation of approximately £200m.

Corporate broker N+1 Singer facilitated the transaction for Seneca Partners.

Click here to sign up to receive our new South West business news...
Close