Pemberton, the diversified asset manager backed by one of Europe's largest insurers, Legal & General Group PLC, has acted as a sole lender for Equistone's acquisition of Bulgin, a leading UK-headquartered developer and manufacturer of environmentally sealed high-performance engineered solutions. It purchased Bulgin from Elektron Technology PLC for an enterprise valuation of £105 million.
Founded in 1923 and headquartered in Cambridge, Bulgin is a developer and manufacturer of environmentally sealed connectors and components for harsh-environment applications, in sectors including industrials, transport & infrastructure and medical technology. The company employs c.680 people across locations in the UK, North America, Asia-Pacific and North Africa. Bulgin supplies c.92,000 end users across Europe, North America and Asia-Pacific through its direct sales team and a network of third-party distributors, generating annual revenues in excess of £30 million.
Pemberton supported Equistone and Bulgin with the provision of a Term Loan facility via its European Mid-Market Debt Fund II and UK Mid-Market Direct Lending Fund.
Cassandra Rivilla-Lutterkort, Director of Origination for UK and Spain at Pemberton, said: “Bulgin is renowned across the world for the quality of its products and has already garnered an impressive track record for innovation that only looks set to continue as it approaches its centenary. Pemberton's platform was purpose-built to support companies with excellent growth potential and sponsors with unrivalled expertise in furthering their portfolio companies' ambitions. Bulgin and Equistone are both perfect examples of this.”
Tristan Manuel, Investment Director at Equistone, said: “We selected Pemberton due to their pragmatic and thoughtful approach to financing the Bulgin business. We believe this has helped to create the optimal capital structure which will support Bulgin's growth plans. We look forward to working with Management and Pemberton during this next phase of growth.”
Completion of the transaction remains subject to customary closing conditions
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