A manufacturer of anti-bacterial wipes which experienced a huge jump in sales during the pandemic has been sold.
Leicestershire-based PAL International has been sold by its family owners to investment firm Enact – part of the Leeds-based Endless private equity business.
PAL was set up in 1970 and has grown to be a big provider of wipes – and hygiene and infection control products – to healthcare, food and drink and industry across the UK and overseas.
Most recent results show that during 2020, when demand for cleaning products rocketed due to the pandemic, sales rose from £15.2 million to more than £25 million. Pre-tax profits were £1.8 million.
PAL’s head office, medical grade manufacturing site and European warehouse are based in Lutterworth, south Leicestershire, and the business has an office and warehouse in Dubai helping to support a distribution network that covers more than 70 countries. The business was launched by the Leicestershire Brucciani family.
A spokesman for Enact said: “PAL continues to be a market leader in the development and manufacture of infection prevention and contamination control products, that carry the Pal brand supplying into heavily regulated end markets that require medical grade accreditations and approvals to conform with strict health and safety standards while also offering bespoke products to key customers to create products specific to them and their regulatory and hygiene needs.”
Enact partner Chris Cormack said: “We are delighted to acquire PAL and provide the investment needed to recapitalise the business.
“The PAL brand is recognised and trusted worldwide and has an excellent reputation in the highly regulated markets in which it operates.
“We are looking forward to supporting the management team to take advantage of a number of identified market opportunities which will enable further growth and development of the PAL brand.”
Enact invests transformational capital of up to £5 million into UK based SMEs. The individuals who comprise the investor base of Enact Fund II include entrepreneurs, existing and former board members of Yorkshire businesses and management from former portfolio companies.
The single biggest investor in the Fund is the Endless and Enact partner and employee group.
Enact was advised by Simon Pilling, James Cook and David Ridley of Womble Bond Dickinson and Russ Cahill of the Tax Advisory Partnership. PAL were advised by Interpath and Freeths.
Interpath Advisory director Tim Bateson said: “We’re delighted to have been able to conclude on this transaction, which safeguards the future of this market-leading international business. We wish the purchaser all the very best for the future.”
