Dyer & Butler has entered into an agreement to be acquired by a holding company of First Reserve, a global private equity investment firm that specialises in energy and infrastructure investments.聽
Dyer & Butler said that it expected the new ownership and associated company structure to give it 鈥済reater scale and resources to support continued growth鈥�.
Much of Dyer & Butler鈥檚 work is for regulated clients in the airports and rail sector. It has long-term framework contracts with Heathrow Airport , Gatwick Airport, Network Rail, London Underground and Transport for London.
Managing director Neil Edwards said: 鈥淭his represents an exciting step in our continued development and, with the additional support of First Reserve and our sister company Morrison Utility Services, we have the opportunity to strengthen and accelerate the growth of our business.鈥�
Jim Arnold, chief executive of Morrison Utility Services, is joining the Dyer & Butler board. He said: 鈥淒yer & Butler has forged an excellent market reputation for the successful delivery of construction services in regulated, safety critical sectors. Its competent workforce operates across a diverse range of sectors. I鈥檓 delighted to welcome Dyer & Butler as a sister company and look forward to working with and supporting the existing team to help grow their business.鈥�
In the year to 31st October 2015, Dyer & Butler generated 拢113m revenue (20914: 拢108m) and made a profit before tax of 拢3.1m (2014: 拢3.0m). Robert Dyer and David Butler both retired from the board at the end of 2014 but had remained major shareholders, along with the management team.
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