Specialist industrial investor Rubicon Partners has acquired Park Sheet Metal, a Coventry-based manufacturer of complex sheet metal components from from its owner, Stephen Payne.
Founded by the Payne family in 1947, PSM has established a market leading position as a supplier of prototype tooling and assemblies and low volume production of body-in-white components for the niche automotive sector. Its clients include prestige and performance automotive OEMs including Aston Martin, Bentley and McLaren. PSM is well placed to grow in line with global demand for high-luxury cars and the proliferation of new electric vehicles.
Rubicon Partners was advised by the debt advisory team at FRP Advisory LLP, led by partner Tom Cox, on the debt raising to support its investment. It secured senior debt and working capital facilities from the mid-market financial sponsors team at HSBC to support the deal.
The investment will enable the business to continue to expand, as well as take on new contracts and move into new territories.
Tom Cox, Partner at FRP Advisory, says: “With a track record dating back to 1947, Park Sheet Metal is one of the UK’s true engineering specialists and the business has established a genuine niche in the supply of body-in-white metal pressings for the luxury automotive sector. It has been a pleasure to work with the management team and Rubicon Partners to develop a finance package that meets the long-term needs of the business and we look forward to seeing the company’s ambitious growth plans come to fruition.”
Rubicon Partners was advised by Proskauer Rose LLP and HSBC by Pinsent Masons LLP.
