Van Elle buys helical piling and steel foundations firm ScrewFast

Grant Prior 4 years ago
Share

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.

Latest news

Alun Griffiths set to rescue firm he sold for £36m

Tarmac to hand back Welsh civils contractor after five years of losses
15 hours ago

Landsec to pump £2bn into new house building drive

Developer to build 6,000 homes as it sells offices to fund new schemes
15 hours ago

Severfield to start steel on McAlpine car battery site

Specialist to start on £4bn site next month after steel package signed-off
15 hours ago

Construction Manager of the Year crowned

Jason Hunt of Willmott Dixon wins for work on Bristol concert hall
15 hours ago

Tide gets go-ahead for over 1,000-home London scheme

Volumetric expert gains planning for co-living homes scheme in Southwark
2 days ago

Vital Energi lands £250m Gatwick decarbonisation deal

Five-year programme to switch airport away from gas heating
15 hours ago

Construction output flickers into life in March

First quarter activity flatlines after slow start to year
2 days ago

Skanska lifts margin to 4.3% as profit hits £78m

Infrastructure and FM drive near-tripling of profits
2 days ago

Mayor backs 46-storey student tower at Canary Wharf

City Hall overturns Tower Hamlets council rejection of 912-bed scheme
2 days ago

Plans go in for 100 acre Port of Tilbury expansion

Construction could start next year on site the size of 70 football pitches
2 days ago

Inland Homes creditors face £38m hit

Administrator confirms no cash for supply chain
2 days ago

Durkan dogged by legacy jobs despite return to trading profit

Durkan scales down new homes contracting to focus on retrofit work
2 days ago

Munnelly founder hands over CEO role to son

Paul David Munnelly steps up to CEO as father becomes chairman
2 days ago

Barking build to rent towers face rebuild

Major remedial work needed on resi scheme built by Shapoorji Pallonji UK Ltd
3 days ago

London new home starts plunge 38% as Building Safety Act bites

Capital only region to see Q1 fall in NHBC new home registrations
3 days ago

Sureserve swoops for rival compliance outfit Kinovo in £56m deal

Recommended cash offer will take AIM listed contractor private
3 days ago

Crown Golf tees up £1bn plan to build 3,000 homes on course land

Major housing plan for spare land on eight UK courses
3 days ago

Green light for Peterborough Station Quarter £48m revamp

First phase to start before the end of the year
3 days ago

Morgan Sindall starts £38m Caerphilly leisure hub

New swimming pool and health suite forms part of town regeneration plan
3 days ago

145 firms win places on £800m building safety framework

Fusion21 confirms latest winners: Full list
3 days ago

Higgins Homes and site workers face manslaughter charges

Contractor and four site staff charged after woman killed by falling pallet of bricks
4 days ago

Operator spots cracked mast on Hinkley tower crane

Hinkley Point C contractor hit with safety notice over failed mast pin and cracks
4 days ago

Countdown starts for £1bn Birmingham highways bid race

Council will break-up mega framework into five lots
4 days ago

Acciona wins £400m Thames waterworks upgrade

Lea Valley Coppermills water treatment works to get full overhaul
4 days ago

Pension giants pledge £25bn for infrastructure push

Seventeen pension providers pledge to invest in projects
4 days ago

Safety row over London tower ducking fire regs by 30cm

Fire union calls on Mayor to block Bromley flats plan over single staircase
4 days ago

Midgard lands £145m deal to build Edition Birmingham

Construction to start shortly on twin residential towers
4 days ago

McAleer & Rushe set to break £500m turnover barrier

Pre-tax profit jumped 16% to £46m last year
4 days ago

Top design team picked for £2.5bn York Central scheme

Massive city centre regen scheme moves to detailed design
5 days ago

MoD to bid £100m command HQ enabling works

Hertfordshire joint forces command centre expansion advances
5 days ago

Contractor services