A team at HURST has advised the owners of Cheshire-based Terrawise Construction on the company’s sale to private equity-backed Readypower Rail Services.
Ben Bradley and Nigel Barratt of HURST Corporate Finance along with Rachel Murphy and Nia Thomas of HURST’s tax team advised James Crossen, Jamie Burrows and Darren Long on the transaction.
Terrawise, which is based at Radway Green, Crewe, specialises in piling, foundations and civil engineering projects in regulated sectors across the UK, with a focus on rail and power.
Following the deal, the business has been rebranded as Readypower Terrawise
It is the first acquisition for Readypower since mid-market private equity firm Primary Capital Partners backed a management buyout of the business in February this year. Readypower, which has its headquarters in Wokingham, Berkshire, provides bespoke plant hire services for rail construction projects nationwide.
Its fleet of more than 200 Road Rail Vehicles play a critical role in helping customers such as Network Rail to repair and maintain the rail infrastructure, as they are deployed on projects from track renewals to overhead line and trackside civil engineering works.
Ben Bradley said: “Readypower is a leading accredited supplier to the regulated rail sector in the UK and its acquisition of Terrawise supports its key strategic objective to expand its service offering.
“Terrawise is a tremendously successful business and we are confident the company will benefit from being part of Readypower, backed by an experienced private equity partner.”
Alistair Armstrong, a partner at Primary, said: “It was obvious that there was an excellent strategic and cultural fit between the two businesses from early on in discussions.
“Terrawise will gain access to the largest, most modern fleet of specialist operated road rail vehicles in the UK, providing its customers with guaranteed security of RRV supply and superior financial strength to undertake larger projects.
“Readypower’s extensive client base, including Network Rail, will be able to benefit from a much broader, complementary offering of specialist rail services.”
Russell Jack, chief executive of Readypower, said: “Like Readypower, Terrawise has been very successful in delivering outstanding customer service. We look forward to working with the management team at Terrawise to ensure that, as an enlarged group, Readypower is well-positioned to meet the needs of the rail industry throughout the next infrastructure investment cycle.”
James Crossen said: “At Terrawise we are proud of our company and the services we offer. However, we recognised that our prime competitors are much larger in size and deployable assets. This deal substantially increases the ability of Terrawise to compete on a level playing field, with the best in-house rail plant fleet in the country.”
Mark Winthorpe and Craig Geraghty of Pannone Corporate worked with HURST in advising the Terrawise shareholders.