Franchise Brands has agreed to acquire the owner of Pirtek Europe in a deal worth over £200m.
The Macclesfield-headquartered franchise business is to buy Hydraulic Authority I Ltd, which is behind the provider of on-site hydraulic hose replacement and associated services, for a a consideration of £200m and £12.2m for cash, debt and working capital adjustments.
The deal and working capital requirements of Pirtek are to be funded by new bank debt facilities of £110m as well as a minimum of £110m in equity issued by Franchise Brands.
