NEW YORK & LONDON–(BUSINESS WIRE)–An affiliate of Stellex Capital Management, a middle-market private equity firm, is pleased to announce the execution and completion of a definitive agreement to acquire the majority capital of Fox Brothers Holdings Group from existing shareholders and managers.
Based in Lancashire, United Kingdom, the Company, now in its fourth generation of family leadership, has been in operation since 1932, providing services to the construction and infrastructure industry across the UK, including muck-away, haulage of aggregates, production of recycled aggregates, waste recycling, quarry operations and ready-mix concrete production. Since then, the Company has expanded geographically – and extended its operations beyond haulage and muck-away into a more integrated construction materials provider as a result of several acquisitions in recent years, including Hurt Limited and JJ O’Grady.
As part of this transaction, the Company will also merge with J A Jackson, a well-known quarry operator and producer of recycled aggregates and ready mixed concrete. This strategic integration will generate synergies between all parts of the business.
A key focus of our investment will be to further integrate the Company to transform Fox Brothers Holdings Group into a fully integrated, circular economy construction materials solutions business, able to help decarbonise the construction materials supply chain.
“We see strong potential in the Company’s capabilities and resources and look forward to working together with management and our operators to deliver on our value creation plan,” said Mark Redman, Managing Partner at Stellex. “This acquisition aligns with our strategy to identify companies where we believe we can introduce operational expertise in an effort to drive growth and better leverage companies’ assets and resources.”
The Company also welcomes to the board of directors Mark Joel as Company Chair and Andy Swinnerton as Chief Operating Officer. Mark and Andy are seasoned industry veterans, with previous experience at industry-leading companies including CRH / Tarmac and Holcim / Aggregates Industries, respectively.
Paul Fox, CEO and current majority owner of Fox Brothers Holdings Group commented, “We are delighted to welcome Stellex, Mark, and Andy to our group. This is an extremely exciting time for the Company and with their help and the integration of J A Jackson, we are now in a position to transform the Company into a fully integrated circular construction materials business, delivering sustainable solutions to the construction industry.”
Mark and Andy said, “We are looking forward to working with Paul and Andy Duckett, Managing Director and owner of J A Jackson, to assist them in their growth and continued transformation of the Company into a leading, vertically integrated, circular economy construction material business. We have a clearly identified plan, which involves both organic and inorganic growth, which we will pursue in the coming months and we are excited about the opportunity.”
Davis Polk and A&O Shearman served as the legal counsels for Stellex. Hill Dickinson served as the legal counsel for the Company on the transaction. Grant Thornton UK LLP advised the Company on the sale.
About Fox Brothers Holdings Group
Based in Lancashire, North West England, it operates 12 sites and depots and has 550 employees. Additional information may be found at www.Foxgroup.co
About Stellex Capital Management LLC
With offices in New York, London, Pittsburgh and Detroit, Stellex Capital is a private equity firm with over $2.8 billion in AUM. Stellex seeks to identify and deploy capital in opportunities that stand to benefit from its operationally focused and hands-on approach to investing. Portfolio companies are supported by Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insights, and access to capital. Sectors of particular focus include aerospace, defense & government services, transportation & logistics, manufacturing, real economy & business services, food processing and tech-enabled services. Additional information may be found at www.stellexcapital.com.
