Clearwater advises Rubicon Partners on exit

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Clearwater Corporate Finance has advised UK-based industrial investor, Rubicon Partners Industries LLP (“Rubicon”) on its exit from Sheffield-based manufacturer, PCL Air Technology (“PCL”), in a multi million pound deal.

PCL has been acquired by HORN, a portfolio company of INDUS Holding AG (“INDUS”). The quoted German group owns 40 companies which generate annual sales of c€1bn.

With over 70 years’ of experience, PCL is recognised as the market leader in the design, manufacture and distribution of tyre inflation and compressed air products. Its products are sold in over 80 countries across the globe and still produces from its manufacturing base in Sheffield, as well as having operations in India and China.

The Clearwater team that advised Rubicon on the sale comprised Partners Jon Hustler, Constantine Biller and Assistant Director John Clarke.

Jon Hustler, Head of Industrials at Clearwater, said:“This transaction exemplifies how niche engineering businesses in the UK are attracting interest from overseas. UK manufacturing businesses lead by example when it comes to competitiveness, innovation and geographic reach and as a result remain highly prized assets for large global players in industrial markets. Rubicon has built PCL into a leading player in its field, providing globally-renowned products of the highest quality under an effective management team that will prove to be a successful asset for INDUS.”

The sale of PCL represents Clearwater’s ninth industrials deal in 2011.