A total of 47 shareholders – representing 96 per cent of shares – have given their approval to the deal, valuing the listed firm at £265.3m.
Castleford-based PTSG voted for the deal to go ahead at a general and court meeting yesterday.
Investment bank Macquarie set up Bernard Bidco, a vehicle to acquire PTSG’s shares.
PTSG, a big employer in the West Yorkshire region, said the deal will enable it to accelerate its M&A strategy and its management team will remain in place.
PTSG’s chief executive Paul Teasdale and managing director Roger Teasdale will remain in their roles to execute their growth strategy.
John Foley, chairman of PTSG, said: “PTSG undertook an IPO in February 2015 with a clear plan to grow both organically and through carefully selected acquisitions. Between the financial year ended December 31, 2015 and the last financial year ended December 31, 2018, reported revenue and adjusted EBITDA have grown at an average annual rate of 39 per cent, and 40 per cent, respectively.”
PTSG has acquired 15 businesses since listing in 2015 to strengthen its market position.