One of the North West’s leading industrial project management companies has undergone a management buy-out.
The deal will secure the future of PROjEN plc, which employs over 100 staff at its base in Northwich and at client locations throughout the UK. Clearwater Corporate Finance advised on the transaction, which was backed by The Co-operative Bank.
Established in 1978, PROjEN provides project management and engineering services to sectors including pharmaceutical and biotech, energy and environment, chemical and process industries, waste, manufacturing, and food and drink. Its clients include blue-chip companies such as AstraZeneca, BNFL, British Sugar, Coca Cola, GlaxoSmithKline, Heinz, Tarmac and United Utilities.
PROjEN is one of a limited number of consultants accredited to advise companies under the Carbon Management Energy Efficiency scheme (CMEE), skills which are likely to be increasingly in demand in the future.
The MBO team was led by chairman John Taylor and includes managing director Martin Seabrook, operations director Tony Lea, business support service director David Elliott and finance director Marcus Royle.
The buy-out will allow non-executive chairman John Poole and former finance director David Ross to realise most of their investment in the business and pave the way for their retirement.
Paul Jones, partner at Clearwater’s Manchester office, said: “PROjEN has a proven track record for delivering innovative and practical solutions to some of the UK’s most prestigious companies. It enjoys high levels of repeat business from its existing client base and its expertise in areas such as energy and waste management is likely to provide a significant source of new business in the future. The buy-out will give control of the business to the experienced management team and allow them to exploit these growth opportunities.”