Sunday 09th May 2021
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MBO at Essex-based civil engineering firm

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Essex-based, MDS Civil Engineering has been acquired by its management team, Darren Chaston, Richard Pullen and Matthew Pratt. Forward Corporate Finance acted as lead advisor to the management team who acquired the Halstead-based business from its founder, Roy Marfleet. Founded in 2000, MDS has grown to be one of the region’s leading specialist groundworks and civil engineering contractors. Operating from a purpose-built facility in Halstead, the firm employs around 150 people, working on contracts from £100k to £15 million.

The firm operates mainly in the housing sector, working for the region’s largest developers - including Bellway, Redrow, Cala, Linden, Taylor Wimpey and Persimmon - and has a good order book for 2021 and beyond. Arbuthnot Commercial Asset Based Lending provided the funding for the deal with a mix of asset-based lending and cash-flow facilities. MDS Civil Engineerig managing director Darren Chaston, said: “Forward have been beside us all the way through the transaction, explaining everything as we went along. They raised the funding for us and their practical approach enabled us to deal with all the hurdles that came along, keeping the transaction moving”.

Rob Dukelow-Smith, director Forward Corporate Finance, said: “This was a complex transaction involving a corporate restructuring as well as the MBO. We are delighted to have helped a great management team to become business owners and wish them every success in the future”.