A Devon groundworks contractor has been acquired by a Canadian construction corporation for a seven-figure sum.
Exeter-headquartered Belowground Contracts, which provides piling construction, underpinning and construction services for commercial and domestic projects across the south of England and Wales, has been bought by GoliathTech.
Alistair Garden, who founded Belowground in 2006, will continue with the company as operations director for the next three years, as it is integrated into GoliathTech. The sale comes as Mr Garden begins to plan his retirement from the trade.
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Mr Garden said: “[GoliathTech] are already very well established in Canada and the United States with more than 150 franchisees and are now branching out into the UK and France.”
“GoliathTech manufacture and franchise piling equipment, so Belowground is changing to a new format of adopting solely one technique. When I first started looking into selling the company, I never imagined there would be interest from overseas.”
Mergers and acquisitions adviser KBS Corporate oversaw the transaction. Charles Needham, deal executive at the firm, said: “GoliathTech have gained more UK presence through a horizontal acquisition. Alistair and I had a great relationship throughout the deal and it was nice to see a successful sale be completed.”
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