Manchester-based Proline Engineering has been acquired by US-headquartered CPM Holdings in a deal that will significantly expand the local 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 Engineering join Blackburn-based Greenbank Technology in CPM Holdings’ 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 Holdings, is a world-leading supplier of equipment and engineered systems to the animal feed, bioenergy, engineered materials and oilseed processing markets and operates from 20 facilities across Europe, North and South America, Russia and Asia. CPM Holdings 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 and management positions.
Speaking of the acquisition, Ted Waitman, President of CPM Holdings, 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 commented: “With CPM, Proline will accelerate its global growth and 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, which is part of the Baldwins Group, and KBL Solicitors. Corporate Finance advice was provided by Corporate Finance Senior Director, Andrew Feeke, and Senior Director, Rob Richardson, of CLB Coopers with legal advice provided by Jonathan Shorrock, assisted by Mairead Platt and Gillian Hindle of KBL Solicitors.
Speaking of the transaction, Andrew, said: “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 a culmination of 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 its ambitions.”
Jonathan said: “Proline and its management team have been clients for many years and it has been a pleasure working with them on this important transaction for both the company and the people who created and grew it. We at KBL wish all concerned well for the future.”
Ivan added: “We accepted that running a business is not like selling a business. Once the partners decided to sell the business, our first point of call was CLB Coopers’ Corporate Finance team and KBL Solicitors, who are both our historical allies and advisors. The expertise throughout the process and the effort expended in the closing stages by both teams was simply outstanding.”