Penso secures new strategic partnership in Midlands-advised deal
COVENTRY-based engineering group Penso Holdings has secured a strategic partnership with Cytec Industries in a deal part advised out of the Midlands.
The deal sees Cytec acquire an equity position in Penso, a vehicle conversion and composite manufacturer.
The companies have also signed a joint agreement to develop fast-curing, format-optimised composite materials and rapid, cost-efficient composites processing technologies to accelerate the adoption of composite parts in serial automotive applications. This builds on Penso’s leadership in composite part engineering and manufacturing.
Daniel Hurcombe, managing director of Penso, said: “I am very excited to have signed this agreement given Cytec’s strong technology and commitment to the high volume automotive market. We will be able to offer customers our joint engineering, materials and application expertise and work with them to develop integrated solutions to meet their needs.
“This agreement confirms our capability to support high volume serial automotive composite part production programmes.”
The PwC industrials deal team in the Midlands helped Penso secure the strategic equity investment necessary.
Cara Haffey, head of industrial manufacturing at PwC said: “Penso has pioneered the cost effective manufacturing of lightweight composite components for the high volume automotive market. Weight reduction is a key challenge for manufacturers as they strive to meet tightening emissions levels and Penso’s revolutionary approach is another example of its innovation in advanced manufacturing.
“In recent months, our PwC team has led a number of transactions for clients in the automotive sector, and we are pleased that this deal secures another successful outcome for a growing private business located in the Midlands.”
Black Country-based Higgs & Sons provided legal advice to Penso.
