Fox Brothers, now operating as PRF Group, has made its second acquisition since its takeover by US private equity firm Stellex Capital Management.
The Blackpool-based haulier has acquired NMS Civil Engineering, a 40-year-old Northwest contractor specialising in road works and civil engineering.
This move supports PRF Group’s aim to become a fully integrated circular construction materials business, following the acquisition of J Fisher & Sons Limited.
The £93.9 million turnover group’s strategy focuses on expanding its capabilities in recycled materials.
In preparation for its acquisition by Stellex in September 2024, the group underwent a restructuring process that included refinancing its debt at a cost of £2.4 million, along with the disposal of several subsidiaries, to optimise operations.
In its latest financials for the year ended 31 August 2024, pre-takeover, Fox Brothers reported an improved £9.6 million operating profit (FY2023: £6.8 million) for FY2023 but recorded a £2.9 million pre-tax loss (FY2023: £707,917).
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CEO Paul Fox emphasised the importance of the NMS acquisition in its expansion.
“This is an extremely exciting time for the company and this acquisition will build on our recent expansion and further broaden our circular offering to customers bringing our annual use of recycled products close to two million tonnes,” he said.
“NMS has a strong management team, and we welcome them and their colleagues as we continue with our growth plans.”
NMS director, Roger Thistlethwaite added: “Joining the Fox Group will enable us to work with their expansive network and resources, providing significant opportunity to grow and meet the increasing demand for reclaimed asphalt pavement.”
Hill Dickinson acted as legal counsel for Fox Brothers, with Close Brothers supporting financing, and RSM advising NMS on the sale.
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