Shareholders approve £265m acquisition of PTSG

A total of 47 shareholders – representing 96% of shares – have given their approval for a global investment banking and financial services firm to acquire specialist services provider Premier Technical Services Group (PTSG) in a deal valuing the listed firm at £265.3m.

Bidco, a newly-incorporated company established on behalf of Macquarie Principal Finance Pty, the UK branch of Macquarie Group, announced its acquisition plans for the Castleford-headquartered business last month.

It was to be a court sanctioned scheme and a court meeting has now taken place, during which shareholders were asked for their approval via proxy.

As at the Voting Record Time, on 20 July, the total number of shares in issue was 97.2m.

Completion of the acquisition now remains subject to the satisfaction or waiver of the remaining conditions. 

A court hearing to sanction the scheme is expected to take place on 30 July.  It is intended that dealings in PTSG shares will be suspended on 31 July 2019 and subject to the court approving the scheme, it is anticipated that the acquisition will become effective on 31 July 2019.

If the court sanctions the scheme, admission to trading of PTSG Shares on AIM will be cancelled with effect from 7am on 1 August.

Paul Teasdale and Roger Teasdale will continue as Chief Executive Officer and Managing Director respectively following completion of the acquisition.

PTSG floated in 2015 and currently has a market capitalisation of £109m. The firm has been reporting strong organic and acquisitive growth in recent years.  For the year ending 31 December 2018, the firm saw revenues reach £69.1m, which marks a 31% rise on the £52.9m achieved the year prior.

The group’s Electrical Services’ division reported the biggest increase in revenue, rising by 53% to £30.8m. It is now the largest division accounting for 45% of the overall revenue. During year, pre-tax profits also rose from £1.8m to £3.7m and PTSG’s gross profits increased by 29% from £27.1m to £35m.

Its most recent acquisition was Trinity in Exeter, which it completed for £10.8m. In March, the firm announced a £50m increase to its banking facilities and last month, PTSG announced it had seen a strong start to the year.