Franchise Brands announces transformational acquisition of Pirtek Europe
Franchise Brands is pleased to announce the transformational acquisition of Pirtek Europe for £200m. Pirtek is an established European provider of mission-critical, emergency response on-site hydraulic hose replacement & associated services within a target one-hour arrival time, 24/7/365 from 213 service centres and 838 mobile service vehicles.
The Acquisition brings an established business of scale with an attractive financial profile and growth prospects and will significantly expand the Group’s range of B2B services, customer base and end markets.
Building on the strong performance of the Group’s acquisition of Filta in March 2022, which brought an international footprint in North America and Europe, Pirtek Europe will extend the Group’s European presence across a number of key countries, providing a platform from which to launch the Group’s existing brands.
By expanding the Group’s operations to ten countries, the Acquisition will significantly advance the Board’s aim to create a market leading international B2B multi-brand franchisor that generates its income equally from the UK, North America and continental Europe.
We would like to thank our investors for their support and we look forward to driving shareholder value by working with Pirtek Europe’s strong management team to accelerate growth and drive operational leverage across the combined business.
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