US investor moves into UK concrete pumping market
Three UK concrete pumping specialists have now come under American ownership.
Denver-based Brundage-Bone Concrete Pumping Inc has acquired Camfaud Concrete Pumps, Premier Concrete Pumping (PCP) and South Coast Concrete Pumping.
Terms of the transactions were not disclosed.
They claim that the combination creates “the world’s leading concrete pumping business”.
Tony Faud, managing director of Camfaud, will become the managing director of Brundage-Bone’s UK operations and will be supported by all of the existing senior managers of the UK businesses, including Peter Faud, Brendan Murphy and Damian Shepherd. Mr Faud has also joined the Brundage-Bone board of directors.
The three acquired UK businesses are interconnected: until this transaction, Damien Shepherd owned PCP and co-owned South Coast with Camfaud; Brendan Murphy was a director of both PCP and Camfaud, and is Tony Faud's brother-in-law.
Camfaud is substantially the largest of the three UK businesses, making a pre-tax profit of £4.6m in the year to 30th September 2015 on a turnover of £14.0m.
“Brundage-Bone is proud to welcome these outstanding businesses, which are known for excellent customer service, technical excellence across a multitude of complex concrete pumping applications and strong leadership teams,” said Brundage-Bone president and chief executive Bruce Young.
Brundage-Bone was founded in 1983 and has been majority owned by venture capital firm Peninsula Pacific Strategic Partners since 2014. In the USA last year it bought out Action Concrete Pumping, AJ Concrete Pumping and Kenyon Concrete Pumping. It now operates from 60 locations across 19 states of the USA.
Bruce Young said: “The addition of Camfaud, Premier and South Coast fit well with our own business model, and together we can leverage our capabilities on a multinational basis to best serve our customers. Moreover, with the financial support of Peninsula Pacific behind us, we have the right foundation to continue to prudently expand as conditions warrant.”
Tony Faud said that Camfaud, PCP and South Coast would continue to trade under their own names, adding: “We’re highly enthusiastic to partner with Brundage-Bone to create a premium international concrete pumping enterprise. Brundage-Bone is a natural fit for the UK businesses given our shared values and strengths.”
Peninsula Pacific managing director Matt Homme said: “Like Brundage-Bone, the UK businesses are centres of excellence in their country and form an outstanding platform for growth in the highly fragmented concrete pumping industry. Peninsula Pacific looks forward to continuing to support the multinational Brundage-Bone team as it provides a highly differentiated construction services offering to its expanding customer base in both the United States and now in the United Kingdom.”
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This article was published on 21 Nov 2016 (last updated on 22 Nov 2016).