01/10/2015

Shepherd Group and Wates Group complete business divestment deal

Shepherd Group has successfully completed the sale of Shepherd Engineering Services (SES) and Shepherd FM, together with a significant number of contracts and strategic frameworks from Shepherd Construction Limited, to Wates Group.

Shepherd Group and Wates Group, both established family-owned businesses which share similar values and culture, have been working closely to ensure a smooth integration for the businesses and people involved since the transaction was agreed in May.

David Williams, Shepherd Group Chairman said: “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.

“As Shepherd Group celebrates its 125th anniversary, we can reflect on its rich heritage of innovation, dedication and the delivery of quality products and services and at the same time look forward with optimism to the Group’s continued growth and development.”  

Shepherd Group was advised by Paul Trickett, Matthew Nicholson and Maninder Minhas in Deloitte’s Corporate Finance team in Leeds. Tim Wheldon, James Tatro and Luke Aylett of Addleshaw Goddard LLP provided legal advice.

Paul Trickett, Partner at Deloitte in Leeds, said: “We are delighted to have advised Shepherd, one of the most high profile family owned businesses in the region, on such a transformational transaction. The complexity of the deal required an integrated team drawn from across our business and a close working relationship with the client and the Addleshaw Goddard team. We believe that the Wates Group will be an excellent home for the businesses acquired and wish them every success in the future”  

Tim Wheldon, Partner at Addleshaw Goddard, said: “This was a super deal to be so closely involved in, a great client to work with and an impressive team effort all round. It is also a great example of the quality and complexity of work which is undertaken in the Yorkshire professional community “

Today’s announcement follows the agreement of Heads of Terms in May, with the two businesses commencing sale discussions in December 2014.