Balfour Beatty extends presence in South West and Wales by snapping up 170-year-old regional contractor
Balfour Beatty has bought regional contractor Cowlin for £52m.
Established in 1834, Cowlin has four regional offices in Bristol, Cardiff, Plymouth and Yeovil and has about 300 staff and 150 directly employed workers.
It operates in the healthcare, commercial, education and housing sectors.
Cowlin had revenues of £186 million and profit before tax of £5.3 million in the year ended 30 September 2006. It has positive net cash balances of over £20 million.
Balfour Beatty said the acquisition is part of its strategy to extend UK regional building and civil engineering businesses.
Balfour Beatty chief executive Ian Tyler said: “The acquisition of Cowlin Group adds to our leading position in regional UK building markets by establishing a strong base in an area where we currently have only a limited presence.”
“It is well-established in its regional design and build, construction and refurbishment markets and has a strong management team which has made excellent progress in growing the business over recent years.”