Core Capital Partners LLP (“Core”), the UK lower mid-market private equity fund, has announced that it has become the first institutional shareholder in Avonside Group Services, specialist in new-build residential roofing and installer of commercial and industrial roofing systems. Avonside says that the investment will allow it to accelerate its expansion plans.
Avonside currently has 29 branches across the UK and says it has grown organically and by a series of acquisitions; the most recent being Bracknell Roofing.
Core Capital is an experienced provider of growth capital, investing up to £25m in UK fast-growing businesses, and partnering with ambitious management teams looking to scale their operations and accelerate growth.
The existing management team is led by Tony Burke as executive chairman and Andrew Morley as group operations director. Stephen Edwards, managing partner at Core Capital, also joins the board.
Tony Burke, executive chairman, commented: “Since leading the MBO of Avonside in 2003, we have grown with reliance on internally generated cashflow and have created a national, market leading roofing business. Bringing in an external institutional investor who has seen and supported rapid growth across a range of businesses will bring a new perspective to our board and help accelerate our success.”
Stephen Edwards, managing partner at Core Capital, added: “Avonside is already a very successful business, with a high-quality management team and a strong presence with its major customers. With our experience in rapidly growing companies, we see considerable opportunity for Core to support Avonside as it further builds on its market leading position, driven in part by the favourable dynamics of the UK new housebuilding market.”
