Primary expands portfolio with MBO in Germany
P&Z Engineering Gmbh (P&Z) has been acquired via a management buy-out by its management, supported by Primary. P&Z was sold by Solvera plc, a UK listed company currently in administration. P&Z was acquired for a total consideration of £8.5 million. The total funding package for the transaction of £10.2 million was underwritten by the Primary Capital No. 1 Fund.
P&Z is a leading provider of specialist out-sourced engineering design services to the German automotive and aerospace industries. It supplies services to major German manufacturers including BMW, Audi, Porsche, Karmann, Webasto, Daimler-Chrysler Group and Eurocopter. P&Z is based in Munich and has a complement of over 260 experienced staff. The company is expected to generate turnover for the year ending 31 March 1999 of around DM50 million.
The management buy-out is led by Managing Director, Andy Williams and a team of senior managers.
Contact Jackie Adams for more information
Tel: +44(0) 20 7920 4800