Selwood Takes Full Management Ownership
Selwood Group Limited, a leading plant and pump hire and sales company in UK, has reverted to full (100%) management ownership having completed a corporate finance transaction with 3i plc whose share capital and other interests in the company have been repurchased.
This concludes 3i's involvement with Selwood after eight successful years and gives management, led by Managing Director Kevin Bright, 100% ownership of the company.
3i plc has been Selwood's long-term venture capital backer and its original investment in the company was made in 1994 when it backed a management buyout headed by Kevin Bright who said, on this latest deal, "The conclusion of this transaction represents a very exciting development of the Group. It allows us to continue driving our business forward, serving an ever-increasing range of customers from the smallest builder to the largest petrochemical installations whilst retaining 100% of earnings for the future benefits of the company.
The Selwood Group, with a turnover of £39m, is based in Hampshire and has over 400 employees operating from a nation-wide branch network. Founded in 1946, it is now one of the largest privately owned plant rental companies serving the UK construction and allied industries.
Source: Selwood Limited