Wates expands with acquisition of Walsall-based Purchase Group

FAMILY-OWNED construction group, Wates, has acquired 100% Of Walsall-based Purchase Group for an undisclosed sum. The change of ownership is effective immediately.
 
With an annual turnover of £30m and 120 direct employees, the Purchase Group is a family-owned construction and maintenance services business that works with housing association and local authority clients in the affordable housing sector in the Midlands and Wales.
 
The company’s headquarters is located in Bloxwich, but the business has a network of offices across the East and West Midlands, and Wales.
 
The acquisition forms part of Wates’ long-term growth strategy to develop its maintenance proposition in the Midlands, Wales and the North.
 
David Purchase, Managing Director of the Purchase Group, said: “This is an exciting and positive step forward for our business and our people, providing us with the investment and support of a highly respected industry player, which will facilitate future growth within the market.  
 
“Wates’ commitment to people and communities is rivaled only by that of our own and it is these shared ethics that will place us as the partner of choice in the affordable housing sector.
 
“Together we can offer a compelling proposition to clients and customers in the Midlands, Wales and the North for their full range of maintenance needs.”
 
Andrew Davies, Chief Executive of the Wates Group, added: “Our organisations’ combined capabilities and expertise will provide new and existing customers in the Midlands, Wales and the North with a quality asset management and maintenance service, with all the added benefits brought by a family-operated company.
 
“We have strong shared values of integrity, performance and respect, which are built on a long-standing family heritage. This collective reputation now gives us an extremely strong foundation upon which to seize emerging business opportunities in the affordable housing sector and grow our presence in the marketplace.
 
“Today’s acquisition brings us even closer to achieving our aspirations of becoming the UK’s leading maintenance business.”
 
Operating under the Wates Living Space business, the Purchase Group will continue to trade under its own name in the short-term.
 
Deloitte acted as advisor to Wates on the acquisition.