Stockholm (Sweden) / Thame (UK), 05 April 2018 – Funds advised by Triton ("Triton") have successfully completed the acquisition of Chevron Traffic Management (“Chevron TM”), the UK’s largest work zone safety services provider.
The company has been acquired from Portchester Equity Limited, a UK private equity firm. The value of the transaction is undisclosed. Following the acquisitions of Ramudden in Sweden and AVS in Germany, in December 2017 and January 2018, Chevron TM is Triton’s third acquisition within the broader European market for Work Zone Safety Services.
“We want to support the management and employees of this business by investing in and supporting the growth and development of the company. We will contribute our strategic insights from the industry and region. We look forward to working together with the management team and the Board of Directors in building a stronger company", said Peder Prahl, Director of the General Partner for the Triton funds.
“This will be our first opportunity in the UK. We are very happy with the transaction as Chevron is a great company in a market with a strong positive momentum”, added Carl Johan Falkenberg, Investment Advisory Professional and Advisor to the Triton funds. “This is our third investment into the European work zone safety services market and a leading example of Triton’s Business Services team successfully working across geographies on the back of repeatable investment themes”, added Nadia Meier-Kirner, Investment Advisory Professional and Advisor to the Triton funds.
Founded in 1997 and headquartered in Thame, Chevron TM employs more than 400 people at ten regional depots across the UK. The company has annual sales in excess of GBP65m. “Triton is a great strategic match for us with a track-record of ownership in the safety services sector. We have grown successfully as a company and in partnership with Triton, we believe we will be able to continue our strategic journey to create an even stronger value proposition”, said Tim Cockayne, Managing Director of Chevron TM.
About Chevron TM
Chevron TM is the largest independent traffic management company operating throughout England and Wales. The company specializes in the provision of temporary traffic management in accordance with NHSS 12A, B, C & D. Managing any level of contract, Chevron TM gives unrivalled support from the consultation and design phase, right through to work completion and sign-off.
For further information: www.chevrontm.com
About Triton
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors. Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 37 companies currently in Triton's portfolio have combined sales of around €14.3 billion and around 91,000 employees. The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.
For further information: www.triton-partners.com
