PE FIRM TAKES STAKE IN INFRASTRUCTURE SERVICES BUSINESS

A majority stake of a specialist provider of infrastructure and property assurance services has been sold to a private equity firm in a secondary buyout.

The stake in CET Structures, which is headquartered in Leicestershire, has been acquired by Palatine Private Equity.

The deal for the company, which also has bases in Duckmanton in Derbyshire, Doncaster, Billericay, Harrietsham in Kent and Colnbrook in Berkshire, will allow its property assurance arm to develop new technology that will streamline the claims management and investigation process.

The infrastructure business also plans to roll out additional testing facilities across the UK. 

Clearwater International UK advised on the sale while the deal was supported by debt and working capital facilities from Clydesdale and Yorkshire Bank Acquisition Finance and Beechbrook Capital.

Alantra, the global mid-market investment banking and asset management firm, advised Palatine Private Equity on the deal.

The Equity Harvest Fund exit the business as part of the transaction.

Peter Eglinton, chief executive of CET UK, said: "I am delighted that Palatine will be supporting the business and look forward to working with them in achieving our ambitious growth plans.

"We will continue to focus on delivering great services for our customers, investing in smart technology and in developing our team."

Richard Thomas, head of Midlands at Palatine Private Equity, added: "The business has a number of exciting opportunities across both of its core operations.

"Under Peter’s stewardship, CET has developed immensely, and we are delighted to be supporting Peter and his team with their future growth plans.

"Part of these growth plans will include a buy and build strategy across both sides of the business."

The Clearwater International team comprised of partners Marcus Archer and Rob Britton, director Mark Maunsell, associate director Stephen Nemeth and senior associate Alex Brindley.

Partner Chris Smith and associate director Hertej Rattan from Clearwater’s debt advisory team also supported the transaction.

Archer said: "This deal will enable CET to scale its operations further, building on the strong platform created by its experienced management team and technically skilled workforce.

"Both of the markets that the business operates in are set to grow, with government initiatives supporting investment in the infrastructure sector and the increasing public awareness of property assurance policies. We wish Peter and the team all the best for the future."

Palatine was also advised by Browne Jacobson, with due diligence services provided by Grant Thornton, CIL and JLT. The vendors were advised by Gateley PLC. Clydesdale and Yorkshire Bank was advised by Pinsent Masons.

This article was originally published HERE