Supporting PV3 Technologies through rapid growth to successful exit

1 February 2021 | Client news

Harper James Solicitors empowers businesses to do their best deals at whatever stage of the company lifecycle they are at. Recently, we represented the founder shareholders of fast-growing technology firm PV3 Technologies to enable their sale to the AIM-listed, James Cropper group of companies. In a major acquisition, PV3 Technologies has been sold to Technical Fibre Products (TFP) as part of a move that will accelerate its development as an industry leader. 

Led by corporate partner Adam Kudryl and supported by associate Callum Giliker, Harper James’ corporate team provided legal advice and support to the PV3 Technologies shareholders at each stage of the transaction. Adam tells us more about the deal: ‘We supported the principal shareholders of PV3 through what is a key moment in their business journey: their exit as owners and realisation of the value that their hard work has built in the business. This transaction also secures a bright future for PV3 and its employees and will enable it to grow, develop and move into new markets, so is an exciting deal to have been a part of. It also shows how, despite the challenges of the current pandemic, ambitious businesses are still determined to make that next step. This is a journey Harper James Solicitors is proud to have been a part of and I wish PV3 and TFP huge success as it moves forward in this exciting phase in its lifecycle as a business.’

PV3, an Enterprise Plan client, specialise in the development and manufacture of electrochemical materials used in producing green hydrogen. Since the formation of PV3 Technologies in 2011, the business has developed a range of technical catalysts, battery material and electrodes products at its manufacturing facility in Cornwall.

PV3 has grown rapidly in the last five years, by developing a niche range of products aligned with the emergence of the hydrogen fuel markets as an alternative to traditional fossil fuels. Technical Fibre Products Limited, part of London AIM-listed James Croppers PLC, employ experienced materials scientists, engineers and support staff responsible for developing new materials to meet the client’s specific technical requirements. Technical Fibre Products Limited has a long history of working with and supplying leading companies operating in defence, aerospace, fuel cells and composites markets.

The acquisition forms a strategic partnership between PV3 Technologies Limited and Technical Fibre Products Limited, which will provide the buyer with access to new technologies and processing techniques.

PV3 Technologies was formed in 2011 by majority shareholder and CEO David Hodgson. David has led the business through significant growth in recent years, supported by CTO Nick Van Dijk who joined in 2017. Both David and Nick will remain in their current roles managing the PV3 Technologies Limited, continuing to support existing clients whilst also working with the new owners to drive growth in new products and markets. 

David Hodgson said: ‘Right from the beginning PV3 Technologies focused on building a strong, sustainable business, one that delivered for our customers. It’s been an amazing journey: building a world-beating team, in Cornwall, with great support from regional, national and international partners. An acquisition was the right thing for PV3’s shareholders at this time, allowing the company to forge a new path. James Cropper PLC is a superb home for PV3 Technologies as they share many of the values we built the business on.’

PV3 were also advised by corporate finance specialists, Castle Square Corporate Finance. Their director Patrick Lynch said: ‘The HJS team led by Adam Kudryl and supported by Callum Giliker were hands-on, commercial and proactive throughout the transaction. Both Adam and Callum worked tirelessly with other advisors and principals to sensibly solve problems as they arose during the transaction and were integral to seeing the deal through to a successful completion.’

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