Acquisition of Pirtek Europe

THE inter national multi-brand franchisor, Franchise Brands, has announced that it has raised £92m through a Placing to enable it to acquire the owner of Pir tek Europe, Hydraulic Authority I Limited (HAI) for £200m (and £12 2m for cash, debt and working capital adjustments)

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HAI operates Pir tek across eight European countries providing an on-site hydraulic hose replacement ser vice and associated ser vices, in addition to offering an emergency response ser vice 365 days-a-year, operated largely by its 70 franchisees

Franchise Brands says the bookbuild represents one of the largest public fundraisers this year in the UK in what has been an unusually muted period for UK equity funding markets

The acquisition and working capital requirements of Pir tek will be funded by new bank debt facilities of £110m, and £114 3m in equity issued by the company, which includes the £92m raised through the Placing, alongside a subscription by Pir tek management and employees, and the issue of Consideration Shares

Commenting on the acquisition, Stephen Hemsley, executive chair man of Franchise Brands, said: “We are pleased to have successfully completed the bookbuild for the fundraise with the suppor t of both new and existing institutional investors This will enable us to proceed with the transfor mational acquisition of Pir tek Europe ” n

To learn more www.franchisebrands.co.uk