The Corporate Finance and Tax teams at CLB Coopers have supported Manchester-based Proline Engineering Limited in the acquisition by US-headquartered CPM Holdings and in a deal that will significantly expand the company’s global growth.
Founded in 1996 and based in Worsley, Proline Engineering is a leading supplier of high-speed, high-volume conveyance solutions, installation and after-market services for the metal packaging industry. The transaction will see Proline joining Blackburn-based Greenbank Technology in CPM’s metal packaging solutions platform and be the group’s fourth UK facility, alongside Crown Europe in East Yorkshire and Wolverine Proctor in Glasgow.
Iowa-headquartered CPM is a world-leading supplier of equipment and engineered systems to the animal feed, bioenergy, engineered materials and oilsee processing markets and operates from twenty facilities across Europe, North & South America, Russia and Asia. CPM’s focus on product development and strategic acquisitions supports the continued expansion of its product portfolio.
The former owners of Proline Engineering – Ivan Wroe, Stephen Rimmer, Colin Timms and Gary Jones – will continue in the business and take leadership & management positions.
Speaking of the acquisition, Ted Waitman, President of CPM, said, ” Proline brings terrific synergies to our metal packaging offering. Its bespoke material handling solutions complement CPM’s leading position in washer and thermal technologies for the two-piece can industry. Most importantly, Proline shares CPM’s core values, operating philosophies and unyielding customer commitment.”
Ivan Wroe commented, “With CPM, Proline will accelerate its global growth & development and we will build on our industry-leading conveyance technology to connect critical process equipment to create bespoke system solutions to customers around the world”.
The management team at Proline Engineering was advised by CLB Coopers and KBL Solicitors.
Speaking of the transaction, Andrew Feeke, Senior Director, commented, “Having worked with the management team at Proline for a number of years, we are delighted to have advised on the transaction.
This deal is the culmination of months and years of planning to help shape the business to optimise shareholder value and to work with the company to put in place a range of options to help them to proactively realise that value. This is exactly the type of transaction that our Corporate Finance team has the expertise and experience to support and we are proud to have worked with Proline’s management team to help them achieve their ambitions”.
Ivan Wroe added, “We accepted that running a business is not like selling one and once the partners decided to sell, our first calls were to the Corporate Finance team at CLB Coopers and to the team at KBL Solicitors. both our historic allies and close advisors. The expertise throughout the process and the effort expended in the latter stages by both teams as simply outstanding”.View all news