Wates takeover of SES
Posted on: 03/06/2015

Large contractor Wates have finally struck a deal with Shepherd Group to buy the bulk of its built environment division.

Both firms have been in talks for several months about a deal, but an early agreement was stalled over project liabilities. However, it has now been released that Wates have bought Shepherd Engineering Services (SES), Shepherd’s facilities management division, and a batch of contracts from Shepherd Construction for an undisclosed price. Last year these contracts and frameworks ran up losses of £8.2m on £240m turnover.

Once finalised, the deal will create a UK Leader in the construction and property services sector with powerful engineering services capability.

Andrew Davies, Chief Executive of Wates Group said: “The acquisition of Shepherd Construction’s capability, Shepherd Engineering Services and Shepherd FM would complement and enhance our existing businesses, with access to additional areas of expertise in off-site construction, design for manufacture and assembly operations and expansion in new markets into the North of England.”

Following the sale, Shepherd Group will focus on developing the UK and European expansion of its successful Portakabin business. David Williams, Chairman of Shepherd Group said: “As a company with 125 years heritage, Shepherd Group has a strong history of adapting to market opportunities as they evolve.”
The transaction is subject to due diligence being completed. Both parties declined to disclose the terms of the proposed deal and said they would not provide further detail until the deal closes.

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