Specialist engineering contractor XEIAD has been acquired by British Engineering Services Group (“BES”).
XEIAD, headquartered in Devon (South region) and Derbyshire (North region) provides engineering advisory services in the rail, highways, marine, utilities and defence sectors. XEIAD specialises on infrastructure inspection and testing in challenging environments and keeping critical assets safe. Over recent years XEIAD has accelerated its growth substantially by winning major multi-year framework contracts, particularly with Network Rail and National Highways.
BES is an independent testing, inspection, certification and asset reliability company with a focus on welcoming businesses that enhance their portfolio of specialist risk management services to their growing group. BES is backed by Inflexion Private Equity.
The transaction allows the business to continue to provide services to customers in an undisturbed manner and facilitates a full exit for Olivier Garrigue, who lead the XEIAD buy-out in 2013. Paul Capener who was promoted to Managing Director last year, will continue to lead XEIAD into an exciting new future as part of BES.
“It’s been very obvious that XEIAD and BES share the same behaviours and culture in the approach to their team and customers. This is extremely important to both companies and has helped make the decision to join BES an easy one. For us all here at XEIAD, joining such a fantastic business will support our ongoing growth and allow us to offer our customers even more critical asset and risk management services. This is great news all round!” said Paul Capener, Managing Director, XEIAD.
“As we continue to add new businesses to our group, our priorities remain the same. We’re focused on welcoming companies that support our risk management agenda, enhance the services we can offer our customers and, most importantly, mirror our people focused culture. XEIAD fits this approach perfectly, their team are the very best at what they do, and we’re excited to get to know them more over the coming months,” said Paul Hirst, Chief Operating Officer, BES.
Isca Ventures acted as the lead corporate finance advisers in the company sale process. Mark Champion, Partner at Isca Ventures, said “It has been a pleasure working with the shareholders of XEIAD and we were delighted to achieve their aspirations from the company sale process we conducted. BES are an excellent strategic buyer for XEIAD and we have no doubt XEIAD will continue its impressive growth within the BES group”.
Michelmores LLP provided legal advice to the XEIAD shareholders. BES were advised by DWS (financial), KPMG (tax) and Pinsent Mason (legal).
“We have valued the advice and support provided by Isca Ventures. They have conducted a thorough company sale process and delivered real value for our shareholders at every stage of the transaction. We would highly commend their partner team and their pro-active approach to delivering the right deal for our shareholders.” added Olivier Garrigue, Chairman, XEIAD.