Triton acquires Chevron in debut UK deal

The deal is Triton's third investment in the European work-zone safety services market. It drew equity from its Triton Fund IV for the transaction.

Triton acquired Ramudden in Sweden from IK Investment Partners in December 2017 and AVS in Germany from Steadfast Capital in January 2018 via Triton Fund IV.

In a statement, Triton said it was attracted to Chevron's position in a market with a strong positive momentum.

Triton Fund IV closed on €3.3bn in 2013 and was launched with a target size of €2.4bn. It was approximately 73% deployed as of September 2017, according to Unquote Data.

Company
Founded in 1997 and headquartered in Thame, Chevron is a work-zone safety services provider. The company specialises in the provision of temporary traffic management throughout England and Wales. It employs a staff of 400 at 10 regional depots across the UK and posted a turnover of £65m in 2017.

People
Triton – Peder Prahl (managing partner); Nadia Meier-Kirner (adviser to funds).
Chevron Traffic Management – Tim Cockayne (managing director).

Advisers
Company – Catalyst Corporate Finance, Steve Currie, Jeremy Harrison (M&A due diligence).

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