Birmingham dealmakers complete sale of manufacturer to listed international firm
Birmingham-based Springboard Corporate Finance has advised Partington Engineering on the crossborder sale to Argent Industrial, a company headquartered in South Africa and quoted on the Johannesburg Stock Exchange.
This is the fourth deal that Springboard has completed post lockdown.
Operating from its production facilities in Gloucestershire, Partington designs and manufactures bespoke hand operated material handling equipment including trolleys, cages, racks, stands and steps.
The company services the home improvement, logistics, ecommerce and cash and carry sectors in the UK, Europe and Asia.
Argent Industrial is a global group of portfolio companies operating in a number of sectors including manufacturing, steel trading, building and property investment within South Africa, UK and USA.
The acquisition enables Argent to grow its business by further diversifying its portfolio of companies and to continue expanding internationally into the UK.
The shareholders of Partington Engineering were advised by Springboard partner David Neate and assistant director Matthew Guest, with legal advice being provided by Derek Callanan, partner at Harrison Clark Rickerbys.
Neate said:“Partington has proven itself to be a resilient business in these difficult times. Increased demand from the logistics and home improvement markets coupled with a growing trend of customers looking to onshore their supply chain, has enabled the company to continue to deliver impressive results despite the crisis.
“We are delighted to have secured the sale which will enable the company to continue to capitalise on the market opportunity.”
Callanan added: “I’m very happy to have been able to support Partington’s sale, enabling it to grow and develop for the future; proof, if it were needed, that we have been able to help business to move forward even during lockdown.”