Clearwater Corporate Finance has advised on the sale of leading storage manufacturer and supplier Palletower.
The deal sees the firm’s existing management acquire the company, which is based in Sale, near Manchester. Paul Hutchins, who was managing director and acquired the business via an MBO in 2001, has retained a minority stake and will take a role as a non-executive director going forward.
Palletower is a global leader in the manufacture of a range of storage, handling and distribution equipment and supplies blue-chip clients including a number of supermarkets. The company was established over 40 years ago and has strong supply links with manufacturing plants in China.
Paul Hutchins said: “I have been proud to successfully grow Palletower since my MBO and take great pleasure in selling the business to the next generation of management led by Matthew Palmer. With sales increasing and an impressive list of clients, I am confident Palletower is well-placed for the future.”
Matthew Palmer, managing director of Palletower, said: “I am delighted that we have been successful in undertaking this MBO of Palletower. The company is poised for further growth and development and we look forward to the next stage of the journey.”
Mike Reeves said: “The MBO team have worked closely with Paul Hutchins for a number of years and despite a tough climate, have delivered impressive growth in Palletower’s market.”
Connie Biller, head of Clearwater’s China Desk, which advises businesses on deals in the country, said: “Palletower is a fine example of a business that has created a highly successful trading relationship with China. We are delighted to have been able to demonstrate our knowledge of the issues that such global businesses face when advising Paul on this transaction.”