Cooper Parry Corporate Finance has advised the shareholders of WT Parker Group, a mechanical, electrical and process engineering services business, on the sale of the company to Edwin James Holdings Ltd (EJH).
The deal, which sees EJH, backed by private equity fund Aliter Capital, acquire 100 per cent of the share capital of WT Parker Group, will expand EJH’s geographical footprint and create a business with combined revenues of circa £110m and just under 1,000 staff.
The sale price is undisclosed.
WT Parker Group’s services include design, network communications, facilities maintenance, testing inspection and renewable energy. Established in 1922 in Burton upon Trent, the company has been owned by the Parker family for more than 90 years.
The family owners are no longer involved in the day to day running of the business and will exit completely. WT Parker’s CEO Sean Smyth will continue to lead the business with support from his senior team. Aliter Partners’ Billy Allen and Greig Brown will join the board.
Glasgow-based Edwin James Holdings Ltd includes mechanical and engineering companies Dalziel Services and Korrie Mechanical and Plumbing, as well as fire and safety company Life Safety Services.
Sean Smyth said:
“In Aliter we have found the right partner to help us build on what is already a great business so it can achieve its full potential. Aliter has a great track record of building businesses like ours and their knowledge, experience and contacts will be invaluable as we grow.
The time was right for the family shareholders to exit the business and Aliter has enabled us to secure an exciting future for the business and its employees.”
Billy Allan said:
“The acquisitions of WT Parker and EJH are the first steps in our plan to create a national technical services business and we have identified a number of additional businesses to bring complementary capabilities to this platform as we move forward. This demonstrates how Aliter, provides investment advisory services and hands on operational support based on real life experience in order to help management teams develop their businesses and achieve transformational growth.”
The Cooper Parry Corporate Finance team that advised on the deal consisted of Andy Parker and Niall Chantrill. We also provided accounting, tax, and wealth management advice to the shareholders of WT Parker.
Andy Parker, Corporate Finance Partner, said:
“As a firm, we have worked with WT Parker for a number of years and are delighted to have used our in depth support services sector knowledge and private equity expertise to advise on a deal which positions the company for the next stage of its development.”
Legel advice to the shareholders was provided by Geldards. DWF and BDO advised Edwin James Holdings.