Global investor acquires specialist service provider
A leading global growth investor, Warburg Pincus has agreed to acquire a majority stake in Yorkshire Business Masters award winner Premier Technical Services Group (PTSG).
The agreement with Macquarie Capital Principal Finance, signals the next phase of the company’s development and comes almost three years after Macquarie who acquired the Castleford-based leader in building compliance services for £265m.
The new investment from Warburg Pincus marks a significant milestone for PTSG, which employs 1,400 people across 37 sites in the UK, as it enters its next phase of growth, allowing the company to focus on continued innovation and key growth initiatives, while continuing to offer strong customer service.
The partnership between the investors will provide the business with additional resources and funding to accelerate its strong organic growth and consolidation strategy – with the goal of occupying a greater share of the UK’s compliance services market.
Macquarie Capital acquired a majority stake in PTSG in 2019 in a take-private transaction. Since then, PTSG has benefitted from access to Macquarie Capital’s flexible balance sheet funding, which has allowed the company to continue with its ambitious growth strategy, driven by its founding management team.
Paul Teasdale, CEO of PTSG said: “We are delighted to have secured this new investment from Warburg Pincus and to have the continued support of our existing partner Macquarie Capital in our next stage of growth. Together we will continue to cement our position as a leading provider in the compliance services market and continue to consolidate the sector. We also would like to thank Macquarie Capital for their ongoing guidance and contribution – which sees them re-investing in the business to help us reach our full potential.”
Adarsh Sarma, managing director, co-head of Europe at Warburg Pincus said: “We look forward to partnering with Paul and Roger Teasdale and the PTSG management team, alongside Macquarie to expand their suite of solutions and capture untapped growth opportunities in the market.” David Reis, Managing Director at Warburg Pincus added: “Compliance services is a critically important sector and we anticipate the need for such services will continue to grow as regulatory requirements increase. We have been impressed by PTSG’s tremendous track record of growth and with their best-in-class operating model while keeping its customers at the centre of its strategy.”
Adam Joseph, head of private equity for Macquarie Capital Principal Finance Europe, said: “We are proud of the growth that PTSG has achieved since we began working together and believe there is more to come. I would like to congratulate the entire PTSG team for the fantastic performance they have delivered; we are delighted to continue supporting the company’s ongoing success story and look forward to working with our new partners.”
The financial terms of the deal are undisclosed and the transaction remains subject to the approval of antitrust authorities.
