Livingstone Flushed Over Fourth Polypipe Deal
CME Holdings has acquired sustainability award winning sanitation product developers, Polypipe Sanitary Systems (PSS), supported by debt financing from Investec Private Bank. With sales of over $60m, the company will focus on strengthening its position in the UK market and capitalising on its exciting opportunities in environmentally sustainable waste water management systems.
Livingstone Partners’ Industrial sector team was appointed by major plastic piping group Polypipe to secure funding, negotiate terms and manage the sale of the company. The deal was arranged and completed within three months. This is the fourth deal on which Livingstone has advised Polypipe.
PSS is sole UK distributor for the Ecoplay grey water management system, as well as MacDee flushing systems and Celmac toilet seats. Ecoplay’s micro grey water recycling programme was voted 2007’s Green Product of the Year in the Sustainable Building Services Awards. Grey water management involves the re-cycling of bath and shower water that is used instead of drinking water to flush toilets.
Brian Watson, CEO of CME Holdings said: “PSS is already a strong business and as an independent entity we will be able to focus on the environmental side of the business. Livingstone’s persistence throughout enabled us to deliver a good deal for both sides.”
Livingstone deal leader, Kristian Gavan commented: “We are pleased to have delivered another successful result for Polypipe. This sale supports the Polypipe Group’s strategy to focus on its core competencies. The deal demonstrates that leveraged buy-outs are still deliverable for high quality businesses in the mid-market, in spite of the credit crunch.”
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