News
Cavendish advises on the sale of Warings
11 December 2007Cavendish Corporate Finance is pleased to announce the closure of its 30th deal this year with the sale of Warings, the major Portsmouth-based regional building contractor, to Bouygues Construction (''Bouygues''). This deal marks a record number of successful transactions in a 12 month period for Cavendish.
The acquisition will enable Bouygues to pursue the Group's strategy to both further its developments and strengthen its presence in the UK market, and will complement the Group's London based subsidiary Bouygues UK.
Warings, first established in 1937, has over 240 employees and an annual turnover in excess of £100m. The company undertakes new build and refurbishment projects in a wide variety of sectors across the south of England - from residential, healthcare and commercial projects to industrial, airports and defence assignments.
Bouygues UK was founded in 1997 and has since established a strong reputation in the Private Finance Initiative (PFI) and Public Private Partnership (PPP) market, particularly in healthcare, education and housing. The Company's references also include the award winning Home Office building in Marsham Street, Westminster. Bouygues UK currently employs 300 staff, and expects strong growth of its turnover from £100m to £200m over the coming two years.
Warings is Bouygues' fourth UK acquisition, following David Webster Limited (street lighting), Icel (power systems and generators) and Thermal Transfer (HVAC engineering and cleanrooms).
[Peter Gray], who led the deal at Cavendish, commented:
''We were delighted to help find the right buyer for Warings which will be able to develop the business and at the same time secure an excellent deal for its stakeholders. Having advised on 30 successful deals in 2007, it has certainly been a bumper year of activity for Cavendish. ''
As a vendor-only specialist, Cavendish is ideally placed to help entrepreneurs and other business owners achieve their objectives. Cavendish was established in 1988 and since then has completed the sale of some 400 businesses. Cavendish is a member of M & A International, the worlds leading corporate finance alliance, www.mergers.net.