News blog
Proventec
- BY: Andrew Hore |
- POSTED: 27/08/2008 |
Proventec is buying 60% of one of Germany’s oldest engineering companies.
The steam cleaning equipment supplier is buying the stake in Frank, which manufactures high pressure washers. Samir El-Assal will retain the other 40%.
Frank was founded in 1607 by Georg Graf, who was Earl of Nassau. The company generated revenues of €2m in 2007. It is breaking even but Proventec believes it will make a positive contribution to profits.
One of the attractions is Frank’s global network of distributors.
Proventec shares were unchanged at 161p, which values the company at £19.6m.
In July, Seymour Pierce took over from Dawnay Day as nominated adviser and broker to the company.
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