Wates Group, a family-owned construction and property services company has announced it has reached an agreement to acquire Shepherd FM.
The acquisition will see Shepherd FM’s immediate integration into Wates Smartspace, which both extends and compliemnts Wates’ existing property services capabilities for the non-housing market.
Shepherd FM’s portfolio will accompany Smartspace’s existing client base, including Lloyds Banking Group, Royal Mail, Parcelforce, M&S and retail landlords British Land and Land Securities, resulting in more than 1,500 projects delivered in 2014.
Wates Group has also acquired Shepherd Engineering Services (SES) with a significant number of contracts and strategic frameworks from Shepherd Construction Limited concluding the deal.
Commenting on the acquisition Helen Bunch, managing Ddrector of Wates Smartspace, said:
“The acquisition of Shepherd FM sees a joining of two businesses with complementary capabilities.
“Our organisations’ combined project portfolio and reputable service offer significantly enhance our expertise in the provision of exceptional property services.
“We are now preparing to welcome our new Shepherd colleagues to the Smartspace business. Our immediate priority is to ensure the engagement and alignment of all our people, while remaining focused on maintaining our collective reputation for excellent customer service.”
The deal forms part of the Wates Group’s strategic growth plans to double turnover to £2 billion, and builds on the success of the Group’s acquisition of Walsall-based Purchase Group in November 2014. This investment saw Wates end the year with a bolstered northern housing maintenance division to complement its southern offering, following the 2011 acquisition of Enfield-based Linbrook.
The announcement follows the agreement of Heads of Terms in May.
Wates Group currently has a forward order book of £3 billion – up 50 per cent on last year.