Contractor seals deal to buy Cardiff-based Stradfrom for undisclosed sum
Vinci has confirmed the acquisition of Cardiff-based contractor Stradform for an undisclosed sum.
Speculation had increased this week that a deal for the £45m-turnover group was imminent when Building learned the two companies were in the final stages of due diligence.
One industry source put the sale price as in the region of £7m.
The overall deal is for Fifehead Group, Stradform’s holding company, which has offices in Cardiff, Bristol, Birmingham and Reading.
Staff at the Bristol office of Stradform are now reportedly concerned for their jobs due to an overlap with Vinci subsidiary Norwest Holst.
Stradform has 30 staff in Bristol and Norwest Holst has 45.
One source close to the deal said: “Stradform are strong in south Wales and this deal only makes sense for Vinci if it is looking to push into that region. It is already strong in Bristol. The real fear is that Bristol will close if the deal happens because of the doubling up of ops and commercial managers.”
Vinci made two acquisitions in 2006, which opened the company to new markets: the office interior fit-out business of TCL Granby and retail fit-out business of PEL