Boskalis bolsters market position in subsea services through acquisition Rever Offshore
Boskalis announces the acquisition of all the shares of Rever Offshore’s subsea services business (‘...
Corporate finance and legal experts from two leading North East independent businesses have helped Northumbrian Roads to join forces with one of the UK leaders in road building.
The North East road maintenance contractor was sold to part of a global construction group as part of its strategy to build its presence in the infrastructure sector.
Prudhoe’s Northumbrian Roads Limited is a road surfacing and highway maintenance contractor with a strong presence in the North East market.
The acquisition is part of the buyers’ strategy and will allow the company to strengthen its position as it seeks to gain market share in the major infrastructure schemes it believes will be needed as part of the economic recovery following the Covid-19 pandemic.
Northumbrian Roads, which has depots at the Port of Tyne and the Port of Sunderland, was established in the late 1980s by the late John Lynch and his business partner George Barton.
Among the high-profile contracts, it has been involved in was the re-surfacing of the Wearmouth Bridge in Sunderland last year.
Newcastle-based advisers from accountancy firm MHA Tait Walker and commercial law firm Muckle LLP supported Northumbrian Roads in a deal that ensures the business will continue to grow under their new ownership.
Sean Lynch, Owner, from Northumbrian Roads, said: “Ever since the company was founded by my father John Lynch and business partner George Barton over 31 years ago, we have progressively grown the company, focusing on strong relations with our customers, teamwork and innovation, complemented by the highest quality materials and a first-class service.”
“The take-over process was made smooth and the legal and financial aspects were carried out in such a professional manner by both Muckle LLP and MHA Tait Walker that we had confidence that we were doing the right thing for the company to move forward.
Steve Plaskitt, Corporate Finance Partner at MHA Tait Walker, led the disposal team and Adrienne Paterson provided the taxation advice to the sellers in readiness for the sale.
Steve Plaskitt said: “It is great for the Lynch family to be able to sell their shares and to see the company their father founded many years ago become part of a larger group and to continue to serve the North East. I am sure the business has a very bright future.”
Muckle LLP’s corporate lawyers Matthew Walsh and Sara Worsick advised the sellers on the legal aspects of their sale, with commercial property advice from real estate lawyer Deborah Lazenby.
Matthew Walsh, corporate partner at Muckle LLP, added: “We’ve advised Northumbrian Roads for many years and it is no surprise that the company has attracted the attention of a national leader in its field. It is a very well-run business and, with the added support the acquisition will bring, I’m sure it will continue to thrive within our region.”