Partners buy controlling stake in specialist calibration firm
Sheffield-based businessman Robert Senior and his business partner Ian Knights have acquired a controlling stake in Pennine Instruments Limited for an undisclosed sum.
They were advised by corporate finance specialist, Castle Square Corporate Finance.
Operating from a dedicated facility in Sheffield, Pennine Instruments Limited is an instrument calibration company, which provides business critical testing for health and safety purposes.
It tests and calibrates thousands of various units, before advising on the most appropriate course of action such as replacement or repair.
Since formation of the business in the 1980s and under the ownership of managing director, Greg Bell, Pennine has grown to become a well-known provider in the industry. It has strong relationships with a range of blue-chip clients operating in multiple sectors.
Senior, who has been working in the company for several months, will become the new CEO and will be joined by Knights, his business partner and new sales director.
The pair will add to the existing management team, bringing with them extensive experience in owning and operating successful businesses in various industries.
Senior said: “Thank you to Brad and Patrick at Castle Square for their expert advice in relation to our purchase of Pennine Instrument Services Ltd. A wealth of knowledge and contacts contributed to a successful deal that satisfied all parties’ requirements.”
Castle Square Corporate Finance ran a competitive funding process, seeking acquisition finance. Led by relationship manager, Charlotte Faulkner, HSBC emerged as the preferred funder and backed the acquisition, alongside new management investment.
Rob Moore and Richard Whiteley from the Sheffield office of Taylor Emmett LLP, supported by solicitor Grace Draycott, provided legal services and advice to the buyer.
Castle Square is an independent, specialist mid-market corporate finance boutique operating from Sheffield and Leeds. Brad Green and Patrick Lynch from the Castle Square Team advised the buyer on the acquisition.
Green said: “Fantastic to have advised Rob and Ian on the acquisition of Pennine Instruments, a company which has been run successfully in Sheffield for over 40 years.
“The introduction of Rob and Ian is an exciting time for the future of the company as the pair are keen to drive growth, bringing in new clients from their extensive network of business contacts and beyond.”
Faulkner said: “We’re thrilled to support Pennine Instruments with growth plans and help the business to continue providing critical services for its client base. We look forward to seeing the business continue to grow and strengthen for years to come.’’
Moore added: “We were pleased to provide the legal support to assist Robert and Ian in acquiring a controlling stake in Pennine Instruments, and we are excited for what the future holds for them.”
With the support of associates Christopher Johnstone and Robert Mander, partner Peter Crawford of Freeths LLP’s Sheffield office advised HSBC from a legal perspective.
And Alex Ross, partner at Bell & Buxton LLP, provided legal advice to the seller.