Proventec cleans up with German deal
Article Date: Aug 27 2008Proventec, a steam cleaning and coatings technologies specialist, has bought a controlling stake in a 400-year-old German engineering company. The Merseyside-based business now owns 60 per cent of Frank, a manufacturer and distributor of hygiene products, after it paid an undisclosed amount for the shareholding.
Proventec secured its stake in Frank using its cash reserves and shares to meet demand for the automisation of cleaning and sanitation systems in the industrial sector.
The remaining 40 per cent is held by the vendor Samir El-Assal, who bought the company two years ago. El-Assal remains as Frank’s managing director and continues to oversee the day-to-day running of the company.
Proventec chief executive David Chestnutt describes Frank as a remarkable company, adding, 'Not only is Frank’s range of products highly complementary to our own, but its established global network of distributors offers many cross-selling opportunities and synergies.'
Proventec’s products and services are used in the food retail and preparation industries, hospitality, healthcare, transport infrastructure, construction materials and consumer products sectors.
Its cleaning systems are designed to stop the spread of food bacteria and hospital acquired infections, including MRSA. It also provides industrial coatings, such as fire retardants, anti-abrasion and corrosion materials.
Frank was founded in 1607 by Georg Graf von Nassau and currently makes portable high-pressure washers and self-service vehicle wash stations. The company has 25 employees and its products are sold across Europe, the Middle East, Africa, the US and China. Last year its revenues surpassed €2 million (£1.5 million).
