| Date: | December 2020 |
|---|---|
| Project: | Management Buyout |
| Sector: | Construction |
| Role: | Lead advisor to the management team |
Forward is delighted to announce the acquisition of Essex based, MDS Civil Engineering (“MDS”), by its management team Darren Chaston, Richard Pullen and Matthew Pratt. Forward acted as lead advisor to the management team who acquired the business from its founder Roy Marfleet.
Since inception in 2000, MDS has grown to be one of the region’s leading specialist groundworks and civil engineering contractors. Operating from a purpose-built facility in Halstead, Essex the firm employs approximately 150 people and carries out contracts ranging from £100k to £15 million.
The group operates predominantly in the housing sector for several of East Anglia’s major blue-chip developers. Clients include Bellway, Redrow, Cala, Linden, Taylor Wimpey and Persimmon.
With a view to minimising costs and producing the best end result for clients, MDS delivers a comprehensive groundworks and civil engineering package. On site services include earthworks, section 38/278 road construction, foul and surface water sewers, pumping stations, surface water attenuation, substructures, drainage and external works. Project guidance is provided throughout on budgets, viabilities, value engineering, construction methods and programming.
The transaction completed amidst the global pandemic. Back in March 2020, COVID-19 halted housebuilding but COVID-secure sites quickly re-opened. Construction is fundamental to the economy and MDS has an attractive order book for 2021 and beyond.
Arbuthnot Commercial Asset Based Lending provided the funding for the transaction through a mix of asset-based lending and cash-flow facilities. James Marler, their Business Development Director in London, and the South East lead the transaction for the Bank.
Legal advice for the management team was provided by Sarah Ilic, Taylor Vinters, and tax advice by James Bousted, Rickard Luckin.