As of 18 December, Bergman & Beving has acquired 80 percent of the shares in Orbital Fabrications Limited (Orbital). The company is a leading player within manufacturing of components and systems for handling of various gases with high demand of cleanliness. Orbital is located in Cambridge, has around 80 employees and a turnover of approximately £14 million with good profitability.
On the sale, the three siblings Ian Pearson, Phillip Pearson and Susan Scrivener comment:
We are excited to become part of the Bergman & Beving Group. With support from a professional and solid owner, we will be able to increase the company’s growth going forward.
The two brothers will continue as minority shareholders.
On the acquisition, Oscar Fredell, Head of Division Tools and Consumables at Bergman & Beving has commented:
Orbital is a leading player within its niche on the British market. With a high level of know-how, a wide and loyal customer base and good market conditions, we see good opportunities for further profitable growth.
Orbital will be part of the Division Tools & Consumables and the closing will take place with immediate effect. The acquisition is expected to have a marginally positive effect on Bergman & Beving’s earnings per share during the current fiscal year.
PEM Corporate Finance were appointed by the vendors as lead advisors on the sale of their business. Philip Olagunju, Simon Kinsella, and Jan Ansari provided corporate finance advice to the clients throughout the life of the project, initially carrying out an extensive marketing exercise, leading negotiations with several trade and private equity buyers, and providing transactional support on the legal drafting when required. Jan Fachot and Michael Godfrey from the PEM Business Tax team provided tax advice to the vendors.
Simon Kinsella, Assistant Director at PEM Corporate Finance added:
It was an absolute pleasure supporting Ian, Phillip and Sue on the transaction, with the acquisition by Bergman & Beving representing a fantastic strategic and cultural fit, starting an exciting new chapter for Orbital Fabrications. We wish all parties the best for the future and a successful 2024 ahead!
Legal advice to the vendors was provided by Inger Anson, Monty Chamberlain and Annabelle Oomens from HCR Hewitsons. Nina Smith at Shoosmiths advised Bergman & Beving.
