Rutland backs MBO of Total Rail Solutions

Rutland acquired the business from its founders, Martin Mould and Julie Caldwell. The GP is backing the management team led by CEO Paul Bateman and operations director Luke Hersee. It is the seventh investment from Rutland's third fund, which closed on £263m in early 2015.

Financial details were not disclosed. The vehicle usually targets companies valued at between £20-150m, with Rutland committing between £10-50m per investment.

Rutland stated that investment in both the fleet and support infrastructure will prepare the business as the industry moves into the next rail spending cycle, Control Period Six.

Company
Established in 2007, Total Rail Solutions provides operated and non-operated road-rail plant, sub-contracting services and labour to rail sites across the UK. It works with Network Rail as its principal contractors to support the construction, maintenance and repair of the railways. With an 80-strong fleet, the business generates turnover of £30m – the most recent public records reported operating profit of around £3.2m for the year ending in March 2018.

People
Rutland Partners – Tristan Craddock, Ben Slatter (partners); Kajen Mohanadas (investment director); Will Southgate (investment manager).

Advisers
Equity – DC Advisory, Richard Pulford, Ben Thompson (corporate finance); FRP Advisory, Andy Dimmock, Dave Edwards (debt advisory); Deloitte, Sarah Sturt, Colin Ferguson, Shahzad Alam (financial due diligence, tax); Eversheds, James Trevis, Wyn Jones, James Finney (legal); CIL, Sebastian Chambers, James de La Salle (commercial due diligence); PwC, Ben Smith (tax).
Vendors – Quantuma, Mark Lucas, Fardeen Nariman, Ian Barton (corporate finance); Clarke Willmott, Richard Swain (legal).

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