No flies on P&L as insect control firm set to grow further with £20m deal

EUROPE'S largest manufacturer of fly-killing machines has completed a £20m refinancing with Yorkshire Bank.

Fast-growing P&L Systems Holdings is backed by American private equity firm Wind Point Partners and has seen turnover increase from 9m to 23m over the last four years. It plans the same level of growth in the next few years and is looking at more strategic acquisitions.

The Knaresborough-based facilities management firm produces and distributes environmental products including electronic fly controls, air fresheners, bird deterrents, no touch taps, automatic WC flush valves and specialist sanitary ware.

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Its fly killers utilise ultraviolet tubes to attract flying insects into the product, before either zapping them dead on a high- voltage killing grid or trapping them on a sticky glueboard.

P&L has acquired three businesses in the last two years, including Dart Valley Systems, which supplies automatic washroom products, Network Bird, a market leader in bird deterrent products, and the Insect-O-Cutor inset control brand and business.

Key clients include Ecolab, ISS Hygiene, Balfour Beatty, Marks & Spencer, and Tesco.

Peter Mangion, managing director, said: "We have performed strongly and are looking to the future with significant growth opportunities having been identified.

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"In Wind Point Partners we have an established private equity partner which has played an integral part in our strategic journey and will continue to do so.

"With Yorkshire Bank we have a committed and locally-based team who demonstrated a thorough understanding of our business and the desire to work with us to achieve our goals."

Mike Selina, director at the bank's corporate and structured finance team, said: "As a leading business to business player in its sector, P&L has a focused strategy for growth which includes plans for further bolt on acquisitions.

"P&L's main competitive advantages include product quality, service levels, its long standing distribution network and its sale and marketing expertise.

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"Together with the key drivers for its businesses, these advantages ensure the company is well placed to take its business to the next level.

"We are looking forward to working in partnership with P&L to develop its plans."

The company employs more than 100 people at St James Business Park in Knaresborough.

P&L was founded in 1984 with the Insectaflash fly control brand. The company launched its Flytrap glue board insect control range in 1997. Its product range was increased to include fragrance dispensers and aerosols in 2001.

The company has a global distribution network, extending across six continents and 80 countries