P&L Systems Holdings refinances for expansion

P&L SYSTEMS Holdings, based in Yorkshire, has undergone a £20m refinancing exercise with Yorkshire Bank to boost its growth plans.

Knaresborough-based P&L has enjoyed strong growth under the leadership of managing director Peter Mangion, together with the backing of US-based mid market private equity house Wind Point Partners.

The business is a provider to the facilities management sector and produces and distributes a range of environmental products that include electronic fly controls, air fresheners, bird deterrents, no touch taps, automatic WC flush valves and specialist sanitary ware.

P&L has acquired three businesses in the last two years, Dart Valley Systems Ltd, which supplies the automatic washroom products, Network Bird, a market leader in bird deterrent products and the Insect-O-Cutor insect control brand and business.

Over the last four years the business has increased turnover from £9m to £23m and the company is targeting the same level of growth as it embarks on an expansion plan, which it said will include further strategic acquisitions.

Yorkshire Bank Corporate & Structured Finance was one of three banks P&L were in negotiations with.

Peter Mangion, managing director of P&L, said: “We have performed strongly and are looking to the future with significant growth opportunities having been identified. In Wind Point Partners we have an established private equity partner who have played an integral part in our strategic journey and will continue to do so.

”With Yorkshire Bank we have a committed and locally based team who demonstrated a thorough understanding of our business and the desire to work with us to achieve our goals.”

Yorkshire Bank Corporate & Structured Finance were introduced to P&L by James Turner of PKF in Leeds, who have been working with the company in identifying acquisition targets.

Craig Martin of PKF led the financial due diligence on the transaction.

Mike Selina, director with Yorkshire Bank Corporate & Structured Finance led the team with Ross Lumsden and Ian Marshall.

Mr Selina said: “As a leading business to business player in their sector, P&L have a focused strategy for growth which includes plans for further bolt on acquisitions.

“P&L’s main competitive advantages include product quality, service levels, its long standing distribution network and its sale and marketing expertise. Together with the key drivers for their businesses, these advantages ensure they are well placed to take their business to the next level. We are looking forward to working in partnership with them to develop their plans.”