RSM UK has completed a deal to raise a £3.8m debt package for PPS Equipment, a Staffordshire-based provider of returnable transit equipment services and plastic storage products, to enable the company to undertake a “major” automation project.
The funding aims to improve PPS’ production lines to meet “growing” customer demand and provide further investment into the company’s equipment pool. Clients for PPS include businesses in the retail, automotive and food manufacturing sectors.
RSM’s debt advisory team, led by Greg Moreton and Jack Williams, secured the deal for PPS.
The money was raised with Shawbrook Bank and Frontier Development Capital. Additionally, legal support was provided by Shakespeare Martineau, Browne Jacobson, Pinsent Masons and The Wilkes Partnership.
PPS Equipment is backed by the Business Growth Fund (BGF), a growth capital investor in the UK and Ireland. The business received £4.95m from BGF in 2015 to support its organic and acquisitive growth strategy.
Greg Moreton, partner and head of debt advisory at RSM UK, said: “We are thrilled to have secured this package for PPS which will enable the firm to accelerate its ambitious growth plans to upgrade its facilities, expand capacity and improve efficiencies in its production processes.”
Joanne Lee, managing director at PPS Equipment, added: “Securing this funding represents a huge step forward for us. We are looking forward to expanding our production processes which we hope will be the catalyst to significant business growth.”