Rudridge Limited / Travis Perkins plc
Cavendish is delighted to announce that it has advised on the sale of Rudridge Limited, a leading specialist independent merchant to the groundwork, drainage and civil engineering industries, to Travis Perkins, a leader in building supplies and materials. The sale price was not disclosed.
Founded in 2000 with one site in Farnham, Surrey, Rudridge Limited now operates from four branches in the South East England region providing services to a wide range of civil construction professionals, including housing groundworkers, housing developers, highway agencies, hard landscaping and paving contractors, rail construction workers, sports and recreational builders and ducting, cabling and communications workers.
Travis Perkins plc, the Northampton based FTSE 100 company, has been supplying the building and construction trades for more than 200 years and is one of the biggest suppliers, operating 1,900 outlets with more than 24,000 employees in the UK and Ireland.
Alan Betteridge Director and joint-founder of Rudridge said;
“… we would like to say a massive thank you to you all. When we set off on this process, we had no idea what to expect, and had to select the support team we felt we could best work with.
Without blowing our own trumpet, we couldn’t have done a better job in choosing you! A great mixture of characters that all complemented each other, and consummate professionals.
Thank you once again to each and every one of you.”
Peter Gray, partner at Cavendish added;
“This was a great result for the shareholders and management of Rudridge. We ran a very focused process with a number of interested parties. I am delighted that we achieved such an excellent result for our clients.”
“Strong economic growth and low interest rates coupled with an abundance of cash on companies’ balance sheets and favourable credit markets provided a supportive backdrop for M&A last year. Broadly we expect these conditions to persist in 2015.”
Cavendish has made an outstanding start to 2015, with the successful conclusion of 5 sales so far.
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“The Cavendish Team, led by Alistair and Mike, did a fantastic job managing the process, providing valuable advice and identifying Arbuthnot as the right partner for the business. It was a pleasure working together and we are pleased to have achieved a brilliant outcome for the company.”
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Cavendish played an invaluable role throughout a complex transaction and in particular getting the transaction across the finishing line.
This deal provides an excellent platform for the Levolux business to continue its overseas expansion. As well as the compelling strategic fit, Alumasc provides an excellent home for the Levolux brand and team. We are delighted with the outcome and the support extended to us by Cavendish.
This has been a highly complex transaction involving 10 jurisdictions. Cavendish has held our hands throughout the process, providing a dedicated team who have done a superb job; this has greatly reduced interruptions to our businesses whilst adhering to the original timetable. Cavendish has achieved a very successful sale at a fair price to a buyer who will enjoy significant strategic value from the purchase.
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