International law firm Addleshaw Goddard has advised the management team of Pirtek Europe Holdings on the completion of its £200 million sale to AIM-quoted, Macclesfield-based Franchise Brands plc.
Pirtek is Europe’s leading franchisor and operator of hydraulic hose service and replacement businesses, with centres across the continent including Yorkshire and the North East.
It is the latest significant transaction that Addleshaw Goddard have advised Pirtek on over a decade of growth.
The firm advised on Pirtek's acquisition by PNC Riverarch Capital in 2018, which saw Riverarch work with management to pursue an aggressive strategy of corporate and franchise growth, which Richard Hunt having also acted on its earlier sale to The Halifax Group in 2015.
AG's team was led by Leeds Corporate Partner Richard Hunt and Managing Associate Thomas Hopwood, supported by Cameron Allwood and Martin Griffiths providing tax advice.
Richard Hunt said: "We have had a longstanding relationship with the Pirtek management, having worked with Chief Executive Alex McNutt and the team throughout a period in which they have delivered transformational growth. So it is fantastic to again help them close a deal that will accelerate the growth of combined business in new markets with the support of Franchise Brands plc."
Over the course of Riverarch’s investment, Pirtek bolstered its national accounts organisation, modernised its information technology platform and service delivery systems, and invested to support continued service center and service unit growth.
The company also completed acquisitions that facilitated Pirtek’s entry into the French market, supported by an AG team led by Paris-based Partner Mathieu Taupin, strengthened its position in Belgium & the Netherlands, and deepened its market leadership in the United Kingdom.
Founded in 1988 and headquartered in London, Pirtek and its franchisees serve more than 50,000 customers from over 200 service centers and more than 800 mobile service units in the United Kingdom and Continental Europe. The Company’s network performs more than 500,000 service jobs annually.