Family-run roofing business on a high after £4.6m private equity investment
Private equity firm, Foresight Group, is investing £4.6m in Wirral Roofcare.
Founded in 1982, Wirral Roofcare is a family business supporting housing associations, outsourced service providers, insurers and domestic customers with emergency and planned roof repair and maintenance services.
A pan-regional player with contracts in the social housing sector across the North West, North East and Midlands, the company has now grown to a team of 80 people and annual revenues of £7m.
Following the investment, the company’s founders, Herbert and Denise Williams, who are retired, have fully exited the business, while their son, Scott, will remain a shareholder and continue as Managing Director.
Experienced entrepreneur, Brian Murphy, founder of the Merseyside-based Fieldway Group, which is also backed by Foresight, has joined the Birkenhead-based business as Chair to support Scott and the management team on the next phase of growth.
A new Finance Director, David Pearce, has also been appointed following an introduction by Foresight, having worked with several private equity-backed businesses previously.
Sophie Clough, Investment Manager at Foresight Group in the North West, said: “The Williams family have done an excellent job in building such a well regarded and successful business over the last 40 years and we are excited to be working with Scott and the team.
“In the run up to the investment, we introduced Brian Murphy to the company and believe his experience of working in partnership with us to grow, professionalise and scale a business in the building services sector, will be invaluable to Wirral Roofcare.”
She added: “We see significant growth potential, both in building the company’s regional footprint by accessing larger frameworks and through expansion into the prisons and hospitality sectors.”
Scott Williams said: “Now is the right time for us to accelerate our growth and I am delighted to be working with Foresight, who introduced Brian to the business.
He is someone who has already walked the same growth path in a similar sector, and I am sure will be a great benefit moving forward.”
Foresight, which is one of the most active investors into growing companies across the UK and Ireland, typically invests in companies valued up to £50m across a wide range of sectors and transaction types.
Advisers to Foresight: Legal were Mills & Reeve’ Financial Due Diligence: Dow Schofield Watts; Commercial Due Diligence: PMSI; Management Due Diligence: Catalysis; Insurance Due Diligence: Gallagher.
The family shareholders were advised by KBS and law firm Hill Dickinson, and Moore & Smalley provided tax advice to the vendors.
