House builder Chartway sold to private equity firm

Grant Prior 2 years ago
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Private equity group Cabot Square Capital has acquired a majority shareholding in South East developer and contractor Chartway Group.

It is Cabot Square’s latest major move in the construction sector following its acquisition last year of a majority shareholding in offsite specialist Premier Modular.

Keith Maddin, Partner at Cabot Square, said: “Chartway Group is a leading South-East England based partnerships housebuilder with turnover in excess of £100 million and a track record of growing profitability year on year since they were established in 2009.

“We particularly like their capital-light and vertically integrated business model as well as the opportunity to help address the shortage of low carbon energy efficient housing.

“Their ability to work across all tenures of housing means they are well placed to adapt to changing market conditions over time”

Ian Savage, Chartway Group founder, steps up to become Chairman and along with a number of the Chartway senior executives, will remain a significant shareholder.

Savage said: “We are very pleased that Cabot Square has recognised Chartway’s progress to date and their investment and platform building experience will help us continue in our next phase of growth. This also represents a fantastic opportunity for our staff and customers.”

 

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