Square One Law advises px group on acquisition of significant UK industrial complex
Teesside based infrastructure solutions business, the px group, has acquired the Saltend Chemical Park in Hull.
px group will now provide comprehensive energy, infrastructure, operations and maintenance services on the 370 acre site, after being advised on the transaction by commercial law firm, Square One Law.
px group intends to work with existing and new operators to develop and expand the park – which was established in 1914 and has, for the last 50 years, been owned by BP.
Saltend Chemical Park comprises a collaborative cluster of businesses that manufacture more than a million tonnes of chemical products a year. These are used in everyday items including clothing, paints, pharmaceuticals and packaging.
Leading global companies operating at the upper tier COMAH site are Air Products, BP, Engie, INEOS, Nippon Gohsei, Perenco, Vivergo and Yara.
As part of the agreement, around 50 BP jobs have transferred employment to px, which has stated that a safe changeover is the top priority, followed by a continued expansion of the park, in collaboration with the existing tenants.
Established as an independent company in 2002 and with an operating history going back to 1992, px has proven expertise in managing, operating and maintaining some of Europe’s largest industrial facilities.
In March of 2016, the business announced a partnership with Blue Water Energy, a specialist private equity energy fund, to support a strategic growth plan. The Saltend purchase is the first expansion through acquisition.
px chief executive officer, Mark Kenrick, said:
“This marks a major new chapter in the development and diversification of our business. The provision of industrial utility services on a large COMAH site is a natural extension of our core competence in gas processing, power plant and midstream infrastructure operations. Our huge experience operating and maintaining plants on sites like this and in the processes carried out, makes this an ideal opportunity for px.”
“Over the coming weeks we will focus on a safe transition with uninterrupted supply of services and utilities to our on-site partners. Our drive will then be to develop the park further and attract more manufacturers to benefit from the unique competitive advantages it offers, whilst, of course, ensuring we provide a first rate service to the existing site partners.”
Mark Lazenby, Head of Square One Law’s Corporate team said:
“This deal has been transformational for px . It is already known in the marketplace for its strong track record operating critical infrastructure and this transaction was the logical next step to differentiating its offer as Saltend Chemical Park is one of the UK’s most important industrial complexes.”
Corporate Partner James Bryce, said:
“The corporate team has been delighted to assist in the delivery of such a complicated and important transaction which has been achieved through the strong working relationship between px group management, its shareholders and our team. There was a synergy of combining the extensive knowledge of the px team with our commercial experience that created an exceptionally joined-up way of working.”