Coventry plastics firm acquired by Swedish group in undisclosed deal

MIDLAND plastics manufacturer Polyurethane Products Ltd (PPL) has been acquired by Swedish firm Trelleborg Engineered Systems in an undisclosed deal.

Coventry-based PPL, which also has a base in Retford, North Nottinghamshire, is a leading supplier of polyurethane-based solutions and products, with a focus on the offshore oil/gas and infrastructure segments.

Following a successful management buy-out from Wyko Industrial Services in 2001, PPL has grown into one of the UK’s leading suppliers in its field.

The PPL management team – which includes managing director Wynn Crorkin, Nigel Williams and Andrew Edmondson – said Trelleborg provided a good strategic match for the business.  

PPL was advised on the transaction by Michael Quinn, Neil Gray and Lisa Sanders of RSM Tenon in Nottingham and James Bullock and Adrian Massey of the corporate team at Irwin Mitchell Solicitors in Sheffield.

Michael Quinn, associate director at RSM Tenon said: “This was a great transaction for all parties. Wynn and his fellow directors have built a fantastic business at PPL.  

“The strong management systems and controls that are in place, coupled with the growth and profit levels achieved over recent years resulted in PPL being an attractive acquisition for Trelleborg and I would fully expect the results and growth to continue into the future.”

James Bullock, corporate partner at Irwin Mitchell said:  “Having represented the company since its MBO in 2001, we have seen (it) continue to expand its domestic and international markets and grow its profits over the last 10 years, despite the current economic climate.

“PPL is a market leader in its sector and proves that well managed, profitable manufacturing businesses remain very attractive to acquirers.”

Mr Crorkin said:  “We have had a long standing relationship with both RSM Tenon and Irwin Mitchell, which made them the logical choice. It was a very thorough and comprehensive financial and legal due diligence process.”

Trelleborg is a global leader in advanced polymer technology and its products are used to seal, damp and protect demanding industrial applications.

The company employs around 20,000 people in 40 countries.