East Mids advisers lead on landmark deal
The corporate finance team at Midlands-based Cooper Parry has led one of the largest private plant hire transactions in the UK this year following the partnership of Camfaud Concrete Pumps, Premier Concrete Pumping and South Coast Concrete Pumping with US-based Brundage-Bone Concrete Pumping (BBCP), in a deal which has created the world’s leading concrete pumping business.
Cooper Parry Corporate Finance acted as lead advisers to the shareholders of Camfaud, PCP and South Coast, with legal advice provided by Geldards. Latham & Watkins provided legal advice to Brundage-Bone and Peninsula Pacific.
Established in 1983, Brundage-Bone is the largest concrete pumping company in North America and has more than 60 branches in 19 states across the United States.
The company supplies its services to an extensive customer base of contractors, sub-contractors, concrete contractors and site developers in the commercial, industrial, infrastructure and residential construction sectors.
Camfaud, PCP and South Coast have more than 60 years’ combined industry experience and supply their services across the UK.
UK operations will continue to be headed up by the existing management team of Tony Faud, Peter Faud, Brendan Murphy and Damian Shepherd.
James McBain Allan, corporate finance manager at Cooper Parry, said: “This is one of the largest UK private plant hire transactions this year and shows the willingness for overseas trade and private equity to invest in the UK construction sector.
It has been an honour to work with these market leading businesses and a highly impressive management team who are extremely well placed to continue their strong growth.”
Andy Parker, corporate finance partner, added: “Using our extensive, dedicated international M&A network, we were able to identify and contact the ideal buyer for these market leading businesses.
“Through a tailored process we led this highly complex deal and made it happen.”
Tony Faud, managing director of UK operations, said: “We’re very excited to be working with Brundage-Bone in creating a world leader in concrete pumping. Brundage-Bone is a natural partner for us and we think this partnership will create great opportunities for our staff, our customers and our suppliers. Camfaud, PCP and South Coast are strong businesses that are leaders in their own markets and, we believe, will continue to grow and innovate as part of this new, larger group.”
Paul Feenan, partner at Geldards, added: “This was a great transaction to be part of and it was a pleasure to advise the shareholders and management team on this complicated legal process.”
