Pictured above: (l-r) Wynn Crorkin, Andrew Edmonson, Nigel Williams of PPL, James Bullock of Irwin Mitchell and Lisa Sanders of RSM Tenon

The Nottingham office of RSM Tenon has been involved in the sale of Retford-based PPL Polyurethane Products Ltd (PPL) to a leading global supplier of engineering systems.

PPL, which has office and production facilities in Retford and Coventry, has been acquired by Swedish firm Trelleborg Engineered Systems in the UK for an undisclosed sum.

Following a successful management buy out from Wyko Industrial Services in 2001, PPL has successfully grown into one of the UK's leading companies which develops, manufactures and markets a broad portfolio of polyurethane-based solutions and products, with a focus on the offshore oil/gas and infrastructure segments.

Led by PPL MD Wynn Crorkin, the management team - which includes Nigel Williams and Andrew Edmondson - says he is delighted to have found a partner in Trelleborg which provides such a good strategic match. 

PPL was advised on the transaction by Michael Quinn, Neil Gray and Lisa Sanders of RSM Tenon in Nottingham and James Bullock and Adrian Massey of the corporate team at Irwin Mitchell Solicitors in Sheffield.

PPL's managing director Wynn Crorkin said:  "We have had a long standing relationship with both RSM Tenon and Irwin Mitchell, which made them the logical choice, however their performance and support through the whole process massively surpassed my expectations.

"It was a very thorough and comprehensive financial and legal due diligence process and there were some special features in the SPA, however the teams at both RSM Tenon and Irwin Mitchell soaked it all up and did a superb job for us. Rather than being an unavoidable cost and set of fees, they added true net value to the deal for the three of us. In addition to their professionalism, they were and their teams were a pleasure to work with."

Michael Quinn, associate director at RSM Tenon said: "This was a great transaction for all parties. Wynn and his fellow directors have built a fantastic business at PPL. The strong management systems and controls that are in place, coupled with the growth and profit levels achieved over recent years resulted in PPL being an attractive acquisition for Trelleborg and I would fully expect the results and growth to continue into the future."

James Bullock, corporate partner at Irwin Mitchell said: "Having represented the company since its MBO in 2001, we have seen this dynamic manufacturing company continue to expand its domestic and international markets and grow its profits over the last ten years, despite the current economic climate. PPL is a market leader in its sector and proves that well managed, profitable manufacturing businesses remain very attractive to acquirers. I personally congratulate Wynn, Andrew and Nigel on signing a fantastic deal which will take PPL to the next level in its expansion."

Trelleborg is a global industrial group whose leading positions are based on advanced polymer technology and in-depth applications know-how. Trelleborg develops high-performance solutions that seal, damp and protect in demanding industrial environments. The Trelleborg Group had annual sales during 2009 of approximately SEK 27 billion, with about 20,000 employees in 40 countries.

PPL manufactures a range of products including bend stiffeners and cable protection products for offshore oil/gas and damping solutions in the infrastructure area, primarily for railroads.