Panoramic Growth Equity (“Panoramic”), a leading equity investor in fast growing, entrepreneurial UK companies, today announced that it has invested £2.2 million as part of the buy-in management buyout (BIMBO) of Precision Technologies International Limited (PTI). The new management team will be led by experienced entrepreneur Kevin Parkin and also sees current management Colin Palin and Patrick Walker invest in the business. This marks Panoramic’s first investment in a Midlands based company.
Established in the 1960’s, Tamworth-based PTI has more than 50 years’ experience in the manufacture of specialist precision components across a range of sectors including Formula One, medical, oil and gas and aerospace. The funds will see the firm increase its current service lines and move into new markets such as nuclear and defence. The investment will result in the creation of at least 15 new highly skilled jobs, including a number of apprenticeships.
Additional funding for the transaction was provided by Finance Birmingham and Santander Invoice Finance. Panoramic Partner Malcolm Kpedekpo joins the PTI board.
Malcolm Kpedekpo, Partner at Panoramic Growth Equity, commented:
“We are delighted to support Kevin and the existing management team in the acquisition of PTI. PTI represents the best the UK has to offer in terms of high quality precision engineering expertise. As the business looks to grow its current market position and expand into new sectors we look forward to working with Kevin and the management team.”
Kevin Parkin, CEO at PTI, commented:
“We are keen to retain high quality engineering expertise in the UK and PTI is certainly at the cutting edge of providing specialist, low volume components that are used in extremely demanding conditions.
“PTI provide a full service, from manufacturing to the testing and inspection of products and components. There is high demand for specialist engineering expertise in the UK that can only be achieved by a dedication to apprentice training and a philosophy of continuous improvement.
From our initial meetings with Panoramic, it was obvious they offered a bespoke partner led approach to investing and took the time to understand the business and the dynamics of the new management team. Panoramic bring a great deal of experience to the table and we look forward to working with them as we grow the business.”