HMT LLP advised the shareholders of leading built environment consultancy firm Propitas on the disposal of the business to newly established platform for testing, inspection, certification and compliance group Celnor.
Propitas was established in 2007 and is a leading independent building and project consultancy business providing expert, technical advice at all stages of the commercial property lifecycle.
With Director-led offices in London, Crawley and Birmingham, Propitas offer a range of services across the built environment, including all aspects of building surveying, project management, cost consultancy and construction technology services to investors, developers, occupiers and owners.
Celnor is a newly established platform for testing, inspection, certification and compliance (“TICC”) businesses and is backed by private equity firm Inflexion and funded by Ares. Celnor was launched to consolidate a highly fragmented TICC market across two areas. Life Sciences will provide testing and scientific services to customers active in the Biochemicals, Industrials and Pharmaceuticals industries. Environmental and Industrial Services will focus on testing.
Each of the shareholder directors will remain with the enlarged business and will work with Celnor to exploit the exciting growth opportunities within the market to accelerate Propitas’ ambitious growth plans.
HMT acted as lead advisors on the transaction which included assessing the strategic options for the shareholders, negotiating detailed disposal terms, financial modelling and project managing the deal to a successful completion.
Elliot Dawson at Propitas commented:
“We are excited about the opportunities the business is presented with as part of the Celnor Group. Having set up the business over 17 years ago we wanted to find the right home for our people as part of a longer-term succession plan and we believe that we have achieved this in partnering with Celnor.
We are delighted to have appointed HMT as lead advisors on this transaction. Ricky and Todd have been very hands-on and professional throughout the process, including the period before we went to market as well as in the run up to completion, anticipating and resolving critical issues to ensure a successful outcome for the shareholders. I believe their deal experience helped us achieve an optimal outcome for all parties involved.”
– Elliot Dawson – Propitas
“The founding shareholder of Propitas have built an exceptional company delivering an extremely high level of service to its clients across a broad range of services. HMT worked closely with the shareholders to not only find a strategic partner who will take the business to the next level but also manage the disposal process to maximise their value. The acquisition of the business by Celnor will allow the business to flourish and maximise its growth potential whilst also providing new opportunities for the shareholders and staff remaining in the Group. We wish both Propitas and Celnor every success for the future.”
– Ricky Lane
