Construction engineer Perry Stewart and chartered accountant Shaun Walsh have taken majority ownership of Greswolde Construction for an undisclosed sum.
Malcolm Priest purchased Greswolde Construction Ltd in 1995. He turns 65 next spring. He had decided that “the business should be less dependent on him and that the time was right to build a larger, stronger senior team to take the business to the next level,” the company said.
Latest Companies House filings show turnover of £11m in 2019. The new owners expect to reach £50m turnover within three years.
Messrs Stewart and Walsh have taken over majority ownership of Greswolde via their private equity vehicle IBG Group Holdings. IBG was incorporated in 2017 to acquire and consolidate companies in the construction and facilities management industries. IBG also owns HE&D Electrical Contractors in Essex.
Perry Stewart is now managing director of Greswolde Constructionand Shaun Walsh is finance director. Chris Harrison continues as construction director.
Malcolm Priest said: “The Covid-19 pandemic has been challenging for the construction industry. However, as we are waking up to face a new normal, I think it is the right time for me to hand over some of my responsibilities to a highly experienced team who can meet those challenges, not least the current shortages of materials and labour, so that Greswolde Construction has a strong and resilient future.”
Perry Stewart said: “We’ve bought into a fantastic company that has a great team, so the potential is immense.”