A MANUFACTURING company based in Sheffield has been sold to a German firm in a multi-million pound deal.
PCL Air Technology has been acquired by HORN TECALEMIT, a portfolio holder of INDUS Holding AG. The German group owns 40 companies, which generate annual sales of around 1bn.
PCL is involved in the design, manufacture and distribution of tyre inflation and compressed air products. Its products are sold in over 80 countries across the globe and it still produces from its manufacturing base in Sheffield, as well as having operations in India and China.
Clearwater Corporate Finance advised UK-based industrial investor Rubicon Partners Industries LLP on its exit from PCL.
Teams from the Leeds offices of chartered accountants Baker Tilly and of law firm Irwin Mitchell were involved in advising INDUS Holding AG on the deal.
In a statement, PCL said both companies will continue to trade independently as they do currently, but each will have access to “a wider range of complementary products” to offer.
The statement added: “HORN TECALEMIT has, for instance, a strong market share in the automotive market, particularly lubrication equipment, especially in mainland Europe. Conversely, PCL is the recognised global leader in tyre inflation equipment, built on a solid UK market, where HORN TECALEMIT has only limited presence. In addition, both companies have identified India, China, and the USA as potential growth markets for the respective brand developments.”
It said the products and markets of both complement each other.