Sun European Partners acquires Hewden Stuart in £110m deal
Sun European Partners has purchased Hewden Stuart, a Manchester-based construction equipment provider, from Canada's Finning International for £110m.
Finning was given £90.2m in cash, a five year £20m loan, and a conditional 5% equity. It will use the proceeds to pay off its debt.
Employing 1,300 staff at 63 locations within the UK, Hewden Stuart suffered a loss in profit during 2009 due to the decline in realised construction projects.
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