Wisbech engineering firm Priden’s multimillion pound vote of confidence from private equity group
- Credit: Archant
A Fenland vehicle engineering company is set for nationwide growth after a multimillion pound private equity takeover.
Priden Engineering in Wisbech has been acquired for an undisclosed sum by private equity firm Elaghmore Partners, which has ambitious plans for the company.
Founded in 1988, Priden provides products for commercial vehicles and industrial equipment for the food industry, and was one of the first in its sector to launch a financial services arm for its truck and trailer divisions.
It has four factories on a four-acre site, where it employs around 100 people.
Elaghmore says it will give the Algores Way company financial backing to grow into a national business and to develop and expand its food engineering operations.
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Priden will work with another Wisbech-based business in Elaghmore’s portfolio, commercial vehicle component supplier SB Components, which has grown substantially since its acquisition in December 2016 and is on track to deliver record sales and profits in 2018.
The combined Priden and SB Components business will employ 250 people and generate revenue of more than £40m annually.
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Kevin Walker, director at Priden, said the private equity deal was an “exciting opportunity”.
“With Elaghmore, Priden now has a strong financial backer with a track record of growing businesses, who can help us build on our successful work and take us to the next level of our development.
“By working closely with another thriving local company, SB Components, it means we can achieve our ambition of establishing Priden as a national business and open up new opportunities to bring our engineering expertise to new sectors,” he said.
Priden is the third acquisition made by Elaghmore from its initial private equity fund, which raised £60m and focused on UK-based industrial businesses that presented a “significant opportunity” for growth.
Andy Ducker, founding partner at Elaghmore, said: “Priden Engineering is a business with a strong history, good reputation with customers and excellent prospects for future growth. We are looking forward to working closely with Priden’s management to help realise our goals.”