Birmingham advisers work on £18.8m Promanex sale
The Birmingham offices of Deloitte and Eversheds have advised the shareholders of industrial support services specialist Promanex on its £18.8 million sale to London-listed Costain Group.
Warwickshire-based Promanex provides a range of services in the management, operation, maintenance and repair of customers’ sites and plant assets, including hard and soft facilities management. Promanex will form part of Costain’s infrastructure division and the management team, led by Mark R. Dixon, will remain with the business.
Darren Boocock, corporate finance partner at Deloitte, said: “We have worked with Promanex for a number of years and we are delighted to have supported them with the sale.
“Mark and his team have driven the business forward since the secondary buyout, positioning it as a leading technical services provider to clients in a number of critical industrial sectors, including power generation, petrochemicals and nuclear.”
James Trevis, corporate partner, led the transaction for Eversheds with associate Theresa-Marie Stodell. He added: “We advised on the secondary buyout and are delighted to have now assisted in achieving a successful exit for all the shareholders. The deal represents a good strategic fit for Costain and an exciting opportunity for management to continue to grow the business.”
Mr Dixon added: “Costain has an exciting future and we are very much looking forward to being a part of it. We are grateful for the support and hard work of Darren and Anthony Robinson at Deloitte and James and his team at Eversheds – their efforts were critical to
ensuring that the deal happened.”
