Yorkshire Bank backs P&L Systems Limited as it embarks on further expansion

Yorkshire Bank Corporate & Structured Finance in Leeds has completed a £20 million re-financing of Knaresborough-based P&L Systems Holdings Ltd (P&L).

P&L has enjoyed strong growth under the leadership of managing director, Peter Mangion, together with the backing of US-based mid market private equity house Wind Point Partners.

The business is a key provider to the facilities management sector and produces and distributes a range of environmental enhancement products that include electronic fly controls, air fresheners, bird deterrents, no touch taps, automatic WC flush valves and specialist sanitary ware. P&L has acquired three businesses in the last two years; Dart Valley Systems Ltd which supplies the automatic washroom products; Network Bird, a market leader in bird deterrent products and the Insect-O-Cutor insect control brand and business.

Key customers for the company include Ecolab, ISS Hygiene, Balfour Beatty, Marks and Spencer, and Tesco amongst many other blue chip organisations. Over the last four years the business has increased turnover from £9m to £23m and the company is targeting the same level of growth as it embarks on an expansion plan which will include further strategic acquisitions.

Yorkshire Bank Corporate & Structured Finance were one of three banks P&L were in negotiations with.

Peter Mangion, managing director of P&L says; “We have performed strongly and are looking to the future with significant growth opportunities having been identified. In Wind Point Partners we have an established private equity partner who have played an integral part in our strategic journey and will continue to do so.

WWith Yorkshire Bank we have a committed and locally based team who demonstrated a thorough understanding of our business and the desire to work with us to achieve our goals."

Yorkshire Bank Corporate & Structured Finance were introduced to P&L by James Turner of PKF in Leeds who have been working with the company in identifying acquisition targets. Craig Martin of PKF led the financial due diligence on the transaction.

Mike Selina, director with Yorkshire Bank Corporate & Structured Finance led the team with Ross Lumsden and Ian Marshall. Mike Selina adds; "As a leading business to business player in their sector, P&L have a focussed strategy for growth which includes plans for further bolt on acquisitions. P&L’s main competitive advantages include product quality, service levels, its long standing distribution network and its sale and marketing expertise. Together with the key drivers for their businesses, these advantages ensure they are well placed to take their business to the next level. We are looking forward to working in partnership with them to develop their plans."

Employing over 100 people and based at St James Business Park in Knaresborough, P&L was originally founded in 1984 with the Insectaflash fly control brand. With an established distribution network in Europe the company launched its Flytrap glue board insect control range in 1997. Its product range was increased to include fragrance dispensers and aerosols in 2001.

Managing director, Peter Mangion who has a strong background in strategic marketing was recruited in 2006. Together with Wind Point Partners he has been instrumental in developing the business and its brand portfolio.