The transaction, announced in May, includes Shepherd Engineering Services (SES) and Shepherd FM, together with a significant number of contracts and strategic frameworks from Shepherd Construction.
Wates chief executive Andrew Davies said that the acquisition added £300m in revenue in the first year and more than 1,200 people to the payroll. "Our immediate priority is to ensure the engagement and alignment of our people," he said.
The two companies said that they have been working closely to ensure a smooth handover. Sale discussions began in December 2014 and heads of terms were agreed in May. [See previous report here.]
Shepherd Group chairman David Williams said getting out of contracting would enable his company to give the Portakabin business the attention it deserves. “The deal supports Shepherd Group’s long-term growth strategy of focusing future investment on the areas of the group with significant sustainable development opportunities. In particular, the sale will enable Shepherd Group to further develop its successful Portakabin business which operates throughout the UK and Europe,” he said.