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DEALMAKERS


MBO IS A SURE STEP


A Preston-based payment processing and compliance service provider has successfully completed a management buyout.


Suresite Group has been established for more than 30 years. The MBO marks the retirement of founder Geoff Oldham and formalises the succession of leadership to the executive management team, led by chief executive Steve Hoban and chief strategy officer Matt Oldham.


FOX ON THE RUN


Speaking at the end of last year, Paul Fox was in no doubt that the injection of private equity into the haulage, plant hire and aggregate group that bears his family name would turbocharge its already impressive growth journey.


In early September it had been announced that Fox Group, headquartered in Blackpool, had been acquired by an affiliate of middle-market PE firm Stellex Capital Management.


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A year later Paul’s prediction looks to be coming true. This September it was announced that Fox Brothers Holdings had bought NMS Civil Engineering, an established contractor in the North West with key activities in road planing, recycling, civil engineering and barriers.


This acquisition has been described as another ‘significant step’ in Fox Group’s transformation into what it describes as “a fully integrated circular construction materials business, aiming to deliver sustainable solutions to the construction industry”.


It is the second deal completed by the Fox Group since being bought by Stellex Capital Management and is said to be fully aligned with the group’s growth strategy.


In June the group bought J Fisher & Sons, a Greater Manchester based heavy haulage, road planing and asphalt reprocessing company. The value of both deals has not been disclosed.


NMS, based in Ashton-in-Makerfield, is a key regional player in circular construction and the acquisition is expected to drive synergies for


the Fox Group, including in asphalt production at a £4m plant opened in July.


Paul said: “This is an extremely exciting time for the company and this acquisition will build on our recent expansion and further broaden our circular offering to customers, bringing our annual use of recycled products close to two million tonnes.


“NMS has a strong management team, and we welcome them and their colleagues as we continue with our growth plans. We anticipate success and growth through this synergistic partnership.”


With offices in New York, London, Pittsburgh and Detroit, Stellex has more than $2.8bn in Assets Under Management.


Fox Group is in its fourth generation of family leadership and has been in operation since 1932. In recent years it has embarked on an ambitious buy to build journey. The group currently operates 16 sites and depots and has around 600 employees.


It provides services to the construction and infrastructure industry across the UK, including muck-away, haulage of aggregates, production of recycled aggregates, waste recycling, quarry operations and ready-mix concrete production.


Fox has also transformed into a multimodal transport operation, with a railhead in Leyland and a maritime division based at the Port of Lancaster, developments which have moved the business into road, rail and marine.


Geoff will remain a significant shareholder and continue to serve as an ambassador for the business. Details of the deal have not been disclosed.


Investment manager Triple Point’s Private Credit team supported the deal and created a flexible funding package to facilitate the transaction.


The package will also support Suresite’s long- term growth strategy, including expansion into new markets and geographies.


Continued investment in its team, technology and growth initiatives has enabled Suresite to expand beyond its traditional fuel retail focus.


It has become established as a leading payments specialist across fuel, unattended retail, franchise networks and EV charging.


Steve Hoban, chief executive at Suresite, said: “We are excited to have secured funding with Triple Point.


“They were extremely supportive through the process which was new to us as an SME and they were flexible to our needs. Post completion the relationship has continued to be positive and collaborative.”


Paul Dolyniuk, who leads Triple Point’s SME Debt Finance activity in the north, said: “Suresite is an impressive, fast- growing business with a clear strategic vision – one that requires a flexible, long- term funding partner.


“Based here in Lancashire, I am proud to support a local business with national presence and look forward to a successful journey ahead.”


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