Iconic city business Peter Brotherhood, based in Papyrus Road, Werrington where it employs 121 people, has been sold to international engineering firm Howdens
The sale has been completed by Chatteris-based Avingtrans, which has operated Peter Brotherhood for about four years and saw its revenues reach £25.7 million in year to May 31, 2020.
Duncan Morgan, Managing Director of Peter Brotherhood, said: “We are delighted to become part of the Howden team.
“This acquisition gives Peter Brotherhood access to Howden’s global network, offering new routes to market and providing significant growth opportunities for the business.”
Austen Adams, managing director of Avingtrans’ Process Solutions and Rotating Equipment division, said: “When we acquired the Peter Brotherhood business, it was in difficulty but we could see that it had tremendous heritage and potential.
“Following a restructure, investment in recruitment and training and a strategy re-set, it is now operating profitably and ready to move to forward effectively.
“In Howden, we are confident we have identified a strategic owner with the right global footprint and investment capability to take the business to the next level.
“Avingtrans’ PRSE division will now concentrate on the recovery of Booth Industries and on further business growth opportunities for all our businesses, delivering high-integrity solutions for customers operating in regulated markets.”
Steve McQuillan, chief executive of Avingtrans, said: “We are delighted that the sale unites the Peter Brotherhood team with Howden, another great British engineering company and wish the new team every success in their future together.”
Ross B Shuster, chief executive at Howden, said: “We’re excited to have completed the purchase of Peter Brotherhood.
“The business has built an excellent reputation for quality and expertise in its key markets and we’re looking forward to integrating the business as part of the Howden Team working together to realise our growth ambitions.”
Avingtrans plc were advised on the sale of Peter Brotherhood by KPMG Corporate Finance, led by Surinderpal Matharu, Mamoona Aslam and Tomas Castka.
Surinderpal Matharu, KPMG Corporate Finance Director, said: “This deal reflects the strong interest which remains for UK industrial assets and Howden is an ideal partner to help to support Peter Brotherhood’s international growth plans going forward.”
KPMG Transaction Services also advised Avingtrans on the deal, and Shakespeare Martineau LLP provided legal advice.