The management buyout of a Merseyside -based construction firm hiring hundreds of people has been announced after NVM Private Equity invested £11.6m.
Knowsley Contractors Ltd, which trades as King Construction and provides civil engineering and construction services, said the move is part of its next phase of growth, with the news about the firm employing 220 people announced this morning.
Founded in 2002, the business operates a dedicated workforce of 220 from five locations and is led by a senior management team of four: managing director Dave Prescott, chief operating officer Campbell Crawford, finance director Simon Warner and commercial director Mike Taylor.
When the deal is complete, Gary Howse will join the King team as non-executive chairman.
King’s managing director, Dave Prescott said: “We are all looking forward to the next chapter in the development of King Construction and working alongside NVM in the future.
"This is a wonderful opportunity for everyone involved, including our customers. With a proven track record in partnering with management teams to drive growth, NVM’s support will enable us to unlock the potential of our business, delivering greater service and value for our customers”.
Primarily focusing on the maintenance and repair of the highway and utility infrastructure network within England and Wales for clients such as Liverpool City Council and United Utilities, King said it has enjoyed strong year-on-year growth.
With a number of long-term framework agreements in place, a spokesman said the company is well positioned to capitalise on the ongoing requirement to modernise the national infrastructure.
Against a backdrop of continued population growth and house building requirements along with an ageing infrastructure network, "significant investment" in both water supply and road development is expected to continue.
Andy Leach, Liam May and Oliver Wildig led the investment for NVM, with Mr Leach and Mr May joining the King Construction board at completion.
Mr Leach, an Investment Partner of NVM Private Equity said: “In recent years, King has demonstrated strong revenue growth and NVM is excited by the opportunity to support the business through its next phase of development.
"King Construction is well placed to continue to provide the highest level of service to existing customers and expand these services into adjacent geographies in order to meet increasing demand.
"Dave and his team now have a great opportunity to capitalise on the level of ongoing investment in the UK’s road and utilities infrastructure and build scale, strength and success across the UK.
"We're looking forward to supporting the team in the next chapter of their growth journey.”
