HSBC UK revs up Rubicon’s Acquisition of Coventry sheet metal business

PSM Sheet Metal

Coventry-based Park Sheet Metal (PSM) has been acquired by private equity group Rubicon, with an eight-figure term loan and revolving credit facility from HSBC UK.

Rubicon Partners, which specialises in industrial businesses, has bought the business from owner and managing director Stephen Payne. The HSBC UK team supported the purchase of the business with a term loan and a revolving credit facility to support PSM’s future growth.

Founded by the Payne family in 1947, PSM has established a market-leading position as a manufacturer of complex sheet metal components for the niche automotive sector, with customers including Aston Martin, Bentley, JLR and McLaren. The acquisition of PSM enables the business to continue to support its customers’ demands for prototype tooling and assemblies and aligns with Rubicon’sfocus on long-term value creation through working closely with company management to deliver growth.

Following the acquisition, PSM’s existing management team has been strengthened with the appointment of Mark Barge as CEO of PSM. Mark, who was previously Managing Director of the Performance Products Division of Ricardo, is a qualified engineer and has considerable experience and knowledge of the UK low-volume performance automotive sector.

Rubicon Partners and HSBC UK are committed to developing and investing into PSM, having already signed off on additional investment and facilities to support further growth.

Stuart Grantham, Director of Leveraged Finance Corporate Banking, HSBC UK said: “As a long-standing customer of HSBC UK, we were delighted to support the acquisition of PSM by Rubicon Partners. We look forward to continuing our strong relationship with the business as it continues to grow and evolve.”

Rubicon Partners acquires complex industrial businesses across Europe and North America, ranging in value from £15m to £250m. Rubicon has over 25 years’ experience investing in and supporting niche engineering and manufacturing businesses, with PSM being Rubicon’s 74th acquisition.