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Browne Jacobson advises Palatine Private Equity on the buyout of CET UK

26 November 2018

The corporate finance, tax and banking teams at Browne Jacobson have advised Palatine Private Equity on its Fund III backed secondary buyout of Derbyshire based CET UK from mid-market private equity house Dunedin. Clydesdale Bank and Beechbrook Capital also supported the deal with senior and mezzanine debt and working capital facilities.

Birmingham based private equity partner Gareth Davies and Nottingham based corporate finance partner Mark Hughes led the advisory team advising Palatine’s Midlands team of Tony Dickin, Richard Thomas and Tom Hustler. Gareth and Mark were supported by corporate finance partner Gavin Cummings together with Ryan Brown, Clare Hanna, Victoria Gaskell and Jennifer Jenkins. Banking advice was provided by Shaun McCabe, Chereta Edmeade and Harpinder Nahl. Tax advice was provided by Beth Dowson.

The investment will allow the incumbent management team led by CEO Peter Eglinton to invest in strategic acquisitions, geographical expansion and utilising its existing technology.

Founded in 1989, Castle Donington headquartered CET UK provides a range of specialist services, including claims management, draining services, testing and geotechnical services to the infrastructure, precision engineering, construction, property and insurance sectors. The company also has sites in Essex, Kent, Leicestershire and Scotland.

Palatine Private Equity, which has offices in Manchester, London and Birmingham, invests from £2m to £30m in high growth mid-market companies in all sectors, with particular focus on business services, environmental services, financial services, food manufacture, healthcare, leisure, pharmaceuticals, retail, technology and telecommunications.

Richard Thomas, Head of Midlands at Palatine Private Equity, said: “The business has a number of exciting opportunities across both of its core operations. Under Peter’s stewardship, CET has developed immensely, and we are delighted to be supporting Peter and his team with their future growth plans. Part of these growth plans will include a buy and build strategy across both sides of the business”.

Peter Eglinton, CEO of CET UK, said: “I am delighted that Palatine will be supporting the business and look forward to working with them in achieving our ambitious growth plans. We will continue to focus on delivering great services for our customers, investing in smart technology and in developing our team”.

Gareth Davies, private equity partner at Browne Jacobson, added: “We are extremely pleased to have advised Palatine on this important strategic investment. With a deal team spanning four of our UK offices, this transaction has allowed us to demonstrate the significant depth of our expertise and commitment to delivering UK mid-market private equity transactions, and is an excellent outcome for our client.”

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