West Midlands-based PP Control & Automation, a leading provider of strategic manufacturing outsourcing solutions, has received a significant investment from Ardenton Capital Corporation (
www.ppcanda.com).
The latter now owns a majority stake in the 230-employee company, which is aiming for a turnover of £40 million within five years.
PP’s current managing director Tony Hague will become its new CEO, while founder David Fox will take on the role of chairman.
The injection of funding comes just a few weeks after the company announced a string of new contracts to take its turnover for the coming year to £24 million, including the first orders for Hedinn in Iceland and new projects for customers in digital printing and the scientific industries.
Mr Hague said: “We recognised over 12 months ago that if we were to realise our aspirations of growing PP in the way we believed possible, we would need a new business partner to work with.
“Sales have increased by nearly 30% in the last two years, but we needed to partner with a long-term investor to really accelerate the growth.
"There were many organisations keen to invest in PP, but we knew from the first meeting with Ardenton Capital that its differentiated approach to sustained investment, with no intention to divest, perfectly aligned itself to the way we do business and will ensure that we deliver on our ambitious expansion plans.”