Bournemouth office acts in PDQ sale

29 Nov 2018

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Saffery Champness’ Bournemouth office has acted on behalf of the shareholders of PDQ Group Limited, based in Fordingbridge, Hampshire, in its sale to Fastener Distribution Holdings, a US-based distributor hardware and replacement parts to the aerospace industry.

PDQ was founded in the early 1990s by Nic Lewis and Chris Miller. It is a leading distributor of aerospace consumables and provider of supply chain management services to organisations in the maintenance, repair and operations (MRO) sector and airline customers from is offices in the UK, Singapore, China and its latest facility in Poland.

The transaction, which completed on 31 August 2018, will see Nic Lewis remain as Chief Executive of PDQ and Chris Miller continuing to oversee the group’s operations in Asia. Scott Tucker, the Chief Executive of FDH, will join the Board of PDQ.

Nic Lewis commented: “We are excited to join the FDH team and look forward to continuing to grow our combined businesses. We remain committed to delivering the same high level of service and consistency that our customers expect.”

Scott Tucker commented: “PDQ is a clear leader in the MRO and consumables distribution space with an excellent reputation and leadership team. The acquisition contributes to our focus on driving growth both organically and through strategic acquisitions.”

The Saffery Champness transaction team included Mark Kilbey, Corporate Advisory Director, Andrew Alder, Consultant, Mark McGarry, Commercial Tax Partner, and Prue Mitchell, Senior Corporate Tax Manager, who advised on accounting and taxation issues from initial agreement of heads of terms through to completion of the sale.

Mark Kilbey commented: “This was a complex transaction involving a US buyer, which required careful consideration to ensure that the shareholders were not exposed to adverse tax consequences in either the UK or the US. We wish the buyers every success with their acquisition and with the continued involvement of Nic and Chris, expect to see PDQ continue to grow in the future.”

Nic Lewis added: “The team at Saffery Champness supported us throughout this successful transaction and their influence and advice was invaluable”.

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