£2bn turnover Wilson Bayly Holmes-Ovcon is understood to have taken a significant minority stake of more than 20% in Byrne Group, which in 2015 and 2016 was weighed down by losses at its Chorus fit-out business.
WBHO is listed on the Johannesburg Securities Exchange and operates as a construction and engineering contractor with leading market positions in Africa and Australia.
Paul Foley, WBHO’s Group Building Managing Director, will join the Byrne Group board.
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Foley said: “WBHO and Byrne Group share a common culture and commitment to delivering safe, high-quality and efficient projects. We see real synergistic benefits of working together, especially at a time when the UK construction market is strong and there is growing demand for our unique blend of construction skills.”
Michael Byrne, group chief executive at Byrne Group, said: “This strategic investment with WBHO is a very exciting strategic move which will broaden and strengthen our capacity to target opportunities that are evolving in the post-Brexit world of construction.”
Byrne Group, which was established in 1969 by Patsy and Johnny Byrne, has been involved in many of London’s iconic landmarks including The Savoy, The Shard, Tate Modern, the London 2012 Olympic Stadium and Wimbledon Centre Court.
