Panoramic Growth Equity (“Panoramic”), the leading equity investor in fast growing, entrepreneurial companies, today announced that it has supported the management buy-in (MBI) of electrical contracting specialist Process Control Services Limited (“PCS”). This marks the eighth investment for Panoramic’s second fund.
Founded in 1997, Buxton-based PCS has over 20 years’ experience providing essential electrical engineering services predominantly to Aggregate, Asphalt, Cement and Concrete producers as well as the Food & Drink industry. PCS are specialists in providing electrical testing and compliance, design and installation, planned and reactive maintenance as well as absence and shift cover to a large number of clients where there is a high demand for service and particular focus upon health and safety compliance. PCS’ strength lies in its ability to deliver electrical engineering projects and services on time and to the very highest of standards.
Panoramic has backed Managing Director, Danny Burns, and non-executive Director Nick Owen to support the acquisition of the business from the founding shareholders by way of a management buy-in. The investment will also provide the business with additional working capital to support management’s growth plans by enabling the business to increase staffing and take advantage of a number of opportunities available in new and existing markets.
Malcolm Kpedekpo, partner at Panoramic, commented: “We are delighted to support Nick and Danny in the acquisition of PCS. We were impressed by the strong reputation that PCS holds, the strength of the existing management team and the range of essential services that PCS provide to its blue-chip client base. Danny and Nick both have excellent credentials and alongside current management will form a strong team to take the business to the next stage of its development.”
Incoming Managing Director Danny Burns commented “I am delighted to be taking the reins at PCS, a business with great potential and primed for further growth. Alongside the existing management team we are all looking forward to continuing the good work of the two founders of PCS. The funding and support from Panoramic facilitated this transaction and we look forward to working closely with the team at Panoramic over the coming years as the business evolves.”
Panoramic’s investment into PCS was led by partner Malcolm Kpedekpo and supported by Investment Manager Jake Wilson. Brabners Corporate Finance, led by Paula McGrath and John Connolly, initiated the transaction and advised the acquisition vehicle. Panoramic were advised by David Kirchin and Kirsty Girvan of lawyers Addleshaw Goddard. Consilium Chartered Accountants provided Financial Due Diligence through David Holt and Julia Lasobras. Insurance Due Diligence was provided by Bernard Dunn and Douglas Lapsley of TL Dallas. Legal advice to management was provided by Daniel Hayhurst at Brabners Legal.