In 2007, Harsco Corporation (NYSE: HSC), a multi-billion-dollar, US-based multinational group, decided to divest a UK-based non-core division, Permaquip.

Permaquip is a leading provider of rail maintenance equipment in the UK. It designs and manufactures a range of trusted products, from rail trollies to road-rail vehicles.

By 2010, Harsco had received only derisory offers from trade buyers, who were focused on the business’ ongoing under-performance. Little or no value was being placed on Permaquip’s reputation, talent, intellectual property and brand value.

However, the value in Permaquip and its team was clear to Arkle. So we approached Harsco. With time being of the essence, a price, a deal structure and minimal warranties were quickly agreed, enabling Harsco to realise fair market value.

Within a few weeks of completing the acquisition, we successfully relocated the business to a new home. Our next step was to work with the Permaquip team to unlock the company’s potential. Applying our expertise and experience, and drawing on the knowledge and skills of external industry specialists, we refocused Permaquip’s product offering and streamlined its product range.

Following this strategic restructuring and substantial investment, an independent Permaquip is exceeding expectations. Arkle continues to work with the company, providing guidance to support long-term success.