Polypipe Goes with the Flow in £293m LBO

  • abr. 2007

Polypipe, one of Europe’s largest manufacturers of plastic
pipes and pipe systems, has been acquired in a £293m
transaction backed by New York-based private equity house Castle
Harlan Inc. The Doncaster-based group has been divested by major
global engineering group IMI Plc as part of a strategic

Livingstone originated the opportunity and sourced new CEO, David
Hall, a former senior Polypipe executive. US Global M&A partner
Brown, Gibbons, Lang & Company (“BGL”) identified
Castle Harlan as an ideal investor for Polypipe and the two
investment banking firms facilitated the introduction of Castle
Harlan into the IMI sale process.

Howard Morgan, Senior Managing Director of Castle Harlan comments:
“Polypipe is a major player in the UK Building Products
Industry, and we are confident that the business will flourish as
an independent group”.

“By working together, Livingstone and BGL introduced us to
the deal, before it was formally on the market, along with a
talented industry executive, who ultimately became Polypipe’s Chief
Executive at closing. LG and BGL provided hands on, literally day
and night, support in the UK and the US and were value added
members of our due diligence efforts on two continents”.

“Livingstone and BGL had great, co-ordinated follow-up, from
the initial kernel of an idea to the last push to a dawn closing
ten months later. They are even contributing resources to Polypipe
post closing, to help ensure and support key aspects of the “first
hundred days” plan. They leveraged value added relationships to get
us advice and insights and were transparent with information from
the start. We never paused for a fee discussion. In fact, we
ultimately welcomed them both as investors in the deal”.

“Livingstone and BGL provided the highest level of support
and value imaginable in such a complex cross-border deal. The two
Global M&A firms worked together seamlessly, and we are
extremely pleased with the result”.

Jeremy Furniss, Partner
Tel: 020 7484 4708
Email: jfurniss@livingstonepartners.co.uk

Alex Sheffield, Director

Tel: 020 7484 4734
Email: asheffield@livingstonepartners.co.uk

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