Benchmark International

Benchmark International is delighted to announce the sale of Partner Construction to Fastflow Group.

Over the last seven years, Partner has operated as a residential construction contractor for over 80 developments from its headquarters in Durham and regional office in Derby. The group predominantly works within the UK affordable housing market in conjunction with major housing associations, local authorities, the Homes and Communities Agency, and parish councils.

Fastflow provides infrastructure maintenance and improvement services to Northumbrian Water and Scottish Water, and high pressure gas transmission engineering projects for clients such as National Grid and Cadent Gas from its bases in Washington (Tyne & Wear) and Warrington. It also delivers planned and responsive repairs for housing associations in the south of the UK from its premises in Oxford.

On advice given by Benchmark International, the shareholders at Partner ensured the full potential of the company was realised prior to marketing. This helped the company achieve the best possible deal as, in 2016-17, the group reported a 190% rise in profits to £1.7m and it now has a forward order book in excess of £100m.

With Fastflow having a turnover in 2016-17 of £79m, a pre-tax profit of £9.3m and an order book in excess of £300m this acquisition is expected to be of a value enhancing nature. The combined group is forecast to make over £120m with Fastflow putting in place an investment and development strategy, creating more jobs and helping to develop sustainable housing communities.

Barry Smith founder of Partner said: “We see this as an extremely positive development for the business. The Fastflow senior management team has demonstrated a real commitment to support further growth and development and I feel very confident of a bright future for Partner as part of a larger group and all the expertise and support that offers.”

The shareholders of Partner had differing exit plans, with the majority shareholder looking to retire and minority shareholders looking to remain with the company. With this in mind, Benchmark International sourced an acquirer in Fastflow that was able to suit all shareholders’ requirements. Nick Hulme, Managing Director of Transactions at Benchmark International commented: “We worked with our client to achieve an exit at the optimum point of Partner’s growth curve. In finding Elysian and Fastflow we have sourced a buyer that has not only delivered an exit at the right time for Barry, but also a home for the remaining minority shareholders where I think they will add real value and make a great success.”

Benchmark International would like to thank all parties involved and we wish them all the very best of luck for the future.

ABOUT BENCHMARK INTERNATIONAL

Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximising solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $5B across 30 industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from 13 offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.