The funding package comes from HSBC and private equity investor LDC. As part of its investment, LDC will take a significant stake in the company alongside the current management team – led by managing director Terry Musson and commercial director Daniel East – whilst enabling its founder shareholders to exit the business.
Paignton-based Amberon started off renting out traffic lights and has grown to become a specialist traffic management services provider with 18 depots, a 350-vehicle fleet and almost 500 people.
The management team plans to work with LDC to accelerate its growth outside of its South West of England and Wales heartland by opening further depots to service work in the Midlands, North West, South East and East, as well as launching new complementary services. Amberon said it would also explore potential acquisitions as part of its bid to secure a greater share of the market.
The business, which works with major infrastructure contractors as well as local authorities and utility companies, generated record sales of £26m in its last financial year.
Managing director Terry Musson said: “This is an important moment for the company. We’ve always had an ambition to continue to scale the business and provide greater geographical reach for our clients.”