Owen Pugh Group based in Newcastle upon Tyne, specialists in operated plant hire, earth moving contract work and quarrying, has been sold in a management buy-out led by Grahame White and Derbyshire’s John Dickson.
John Dickson approached the Owen Pugh Group twelve months ago with the objective of performing a management buy-out. After joining the Group earlier this year as Executive Chairman he led the transaction with Group Managing Director Grahame White who has worked in the business for over 30 years. Established in 1946 to supply plant to opencast coal sites, the Owen Pugh Group has grown significantly and since the early 1990’s has developed substantial operations in fixed price earth moving contract work to the construction and civil engineering industries. John Dickson said: “Both Grahame and I are confident the business is well placed to develop its current strong position in the local market. The Owen Pugh Group enjoys an enviable reputation for trust, integrity and an experienced, loyal workforce delivering high service standards to clients, and this will be the foundation of continued success. ”
Cooper Parry Corporate Finance provided a full advisory with Sally Saunders acting as lead adviser. Sally said: “The buy-out represents an excellent opportunity for John and Grahame to build on Pugh’s existing strong reputation, develop the customer base and expand into related markets. It is particularly satisfying that John recognised the high quality of advisers within the East Midlands, and opted to use locally-based advisers to support him in this transaction.”
Legal advice to the management team was provided by East Midlands-based Edwards Geldard, lead by Andrew Borkowski and assisted by Emma Grant. Andrew said: “It was a pleasure working with John, Grahame and the team at Owen Pugh, and especially rewarding to complete the transaction within a very ambitious time table.”
Funding for the buy-out was provided by Chris Buck of HSBC, with legal advice provided to HSBC by Gareth John of Gateley Wareing.