Van Elle buys helical piling and steel foundations firm ScrewFast

Grant Prior 3 years ago
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Van Elle has acquired helical piling and steel modular foundations specialist ScrewFast Foundations Limited in a deal worth up to £3.68m.

Van Elle has paid an initial £1.76m with up to a further £1.92m of deferred and performance-based cash considerations payable in August 2023.

The move strengthens Van Elle’s position in the specialist piling sector across growth markets of infrastructure and housing.

Screwfast has been in business since 2000 working on projects including the London 2012 Olympics, Crossrail, the Leeds Flood Defence system and numerous highways and Smart Motorway programmes.

For the twelve months ended 30 May 2020 ScrewFast recorded revenues of £5.9m generating a profit before tax of £0.36m. Net assets at 31 March 2021 were £1.85m and the order book stood at £5.1m.

All employees, including the entire management team led by managing director Dan Dye, will join Van Elle.

ScrewFast’s patented designs allow the installation of steel helical piles without the requirement for heavy piling equipment or in-situ concrete works and the immediate installation of modular foundation structures which are built offsite and connected through proprietary and proven designs, ready to receive the superstructure. 

This significantly speeds-up the construction process, requires less attendant infrastructure to be provided by the main contractor and reduces on-site labour compared to traditional construction designs.

The ScrewFast brand will now operate within Van Elle’s Specialist Piling division.

Mark Cutler, Chief Executive Officer, Van Elle said: “This is a very exciting, complementary acquisition focussed on our higher margin, specialist piling activities which strengthens our leading position in growth markets such as highways and rail.

“ScrewFast has an established client base and proven track record of highly specialist services and will support the Group in the delivery of its medium-term strategic objectives. The two businesses have a similar culture and ethos which is very important to us, and we look forward to working with the ScrewFast team as we welcome them into the Group.”

Dan Dye, Managing Director, ScrewFast added: “We have long identified Van Elle as the ideal owner to support our growth potential. 

“ScrewFast is an innovative and specialist business that fits well both culturally and technically into the diverse range of end-to-end services and market prospects offered by Van Elle, who we have worked alongside on several recent projects. 

“My whole team is very excited by the opportunities ahead.

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