Further exit for Primary Capital No 1 Fund
Primary has just announced the sale of PCL Group GmbH (“PCL Group”) to ARRK Corporation (“ARRK”). Terms of the deal have not been disclosed. Freyberg Close Brothers exclusively advised the majority shareholder, Primary and the PCL Group management shareholders on this transaction.
PCL Group is headquartered in Munich and, with turnover of Euros 55 million and 600 employees, is a leading independent provider of engineering, design and computer simulation services for the product development process in the European automotive, aerospace and transportation industries. PCL Group is a strategic supplier to a number of European blue chip companies including BMW, DaimlerChrysler, EADS, Scania and VW Group.
PCL Group was initially formed in March 1999 via the management buyout of P+Z Engineering GmbH from Solvera plc, backed by Primary. The Group subsequently acquired a number of companies in Italy (Tesco TS SpA in 2000, Forma. T Srl and Ghiano Model in 2001) and in France (Artware Design SaS in 2002) and has expanded through the opening of new offices in Stuttgart, Cologne and Bremen.
Based in Japan and listed on JASDAQ, ARRK is new-product development service provider, offering rapid development services utilizing three dimensional data to a global customer base. Turnover in the current year is around Euros 1 billion.
The disposal provided a return of 4.7x the original cost of investment.
Contact Jackie Adams for more information
Tel: +44(0) 20 7920 4800