Core Capital invests in Avonside Group Services

The transaction will support the bolt-on acquisition of Bracknell Roofing and will see Core Capital managing partner Stephen Edwards take a seat on the Avonside board.

In 2017 to date, the business has also expanded its London operations and acquired Yorkshire-based roofing company Ploughcroft.

Core Capital drew capital from its second fund, which held a first and final close on £85m in September 2015. The GP typically invests up to £25m in portfolio companies throughout its holding period.

Company
Founded in 1988 and headquartered in Heywood, Lancashire, Avonside installs residential, commercial and industrial roofing. The business has 29 branches across the UK. In 2015 – prior to the acquisitions of Bracknell Roofing and Ploughcroft – the company generated a turnover of £94.5m with an operating profit of £4.5m, according to publicly available documents.

People
Core Capital Partners – Stephen Edwards (managing partner).
Avonside Group Services – Tony Burke (executive chairperson); Andrew Morley (group operations director).

Advisers
Equity – DSW Transaction Services, Rob McCarthy (financial due diligence); Drystone Strategy Partners, Robin Illingworth (commercial due diligence); Pinsent Masons, Andrew Masraf (legal).
Company – BTG Corporate Finance, Jeff Barber (corporate finance); Gorvins Solicitors, Andy Curwen (legal).

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• Topics
• Expansion
• UK / Ireland
• Industrials
• United Kingdom
• Build-up