Posted on 7 May 2015
Leading mid-market private equity provider LDC has acquired a 40% stake in high-growth UK business Aspin Group Limited, the parties have announced. LDC has backed Aspin's founders Barry McMahon and Andy Hoffman, who will continue to lead the business alongside its highly experienced senior management team.
Established in 2000, Aspin is the UK market leader in the design and construction of piled foundations for the rail sector, primarily used for supporting overhead line equipment (OLE) and signalling structures. The business has over 200 employees across its 6 key offices and a strong track record of innovation, providing clients with an end-to-end solution encompassing design and consulting, ground investigation, project management and construction.
The deal was transacted by LDC’s Nottingham team, led by Investment Director, John Green with support from Andy Grove. They will both join the board with immediate effect. Keith Ludeman has also joined the business as Non-Executive Chairman. Keith brings a wealth of experience in the rail and wider transport and infrastructure sectors.
The deal was supported by a number of Midlands based advisors including accountancy and business advisory firm Smith Cooper who led negotiations with LDC, and law firm Geldards who acted as lead legal advisors to the owners.
David Nelson, Business Advisory Partner at Smith Cooper commented: “LDC’s investment in Aspin not only validates the hard work, efforts and strategic plan that the owners and Executive team have worked hard at delivering, but provides a solid foundation for the Group to maximise and grow its share of an ever expanding marketplace for its products and services”. We are proud and delighted to have worked alongside Aspin on yet another exciting transaction”.
Debra Martin, a corporate partner at Geldards explained: “We’ve worked closely with the founders at Aspin Group over the last few years and we’re delighted to be involved in a deal we hope will not only benefit the future aspirations of the business but also contribute to the ongoing development of the rail sector in the UK.
“The rail sector has always been a major part of region’s economy and Aspin Group’s decision to work with Geldards and Smith Cooper perfectly illustrates how rail sector expertise stretches beyond manufacturing, but into the professional services industry too.”
Barry McMahon, co-founder of Aspin Group, said: “LDC's investment demonstrates their belief in our business model and provides us with a strong platform to maximise our growth ambitions.
"The rail industry continues to face considerable change and this presents us with a number of exciting growth opportunities. Going forward, we intend to increase the pace of organic growth and build further upon our existing network of operations and services, whilst also actively pursuing viable acquisition opportunities as part of an ongoing 'buy and build' strategy.”