Bouygues takes rest of Leadbitter
By Sandy Guthrie03 July 2012
The remaining 49% share of the UK's Leadbitter Group has been purchased by French group Bouygues, following its decision in 2010 to acquire a majority stake.
Bouygues Construction subsidiary Bouygues Bâtiment International (BBI) now has 100% ownership of the Leadbitter Group after purchasing the remaining shares from the Leadbitter management team.
The original deal saw BBI form a joint venture with Leadbitter's management, including founder and chief executive Bob Rendell, to buy 51% of Leadbitter from its Dutch parent Heijmans for €49 million.
BBI said then that it would purchase the remaining 49% from the Leadbitter management team within four years.
It now said that Leadbitter provided numerous sector and geographical synergies to the Bouygues group's existing UK construction and development subsidiaries Bouygues UK, Warings, Thomas Vale and Bouygues Development.
Olivier-Marie Racine, deputy CEO of Bouygues Construction and chairman of BBI, said: "Thanks to the talent and commitment of Bob Rendell and his management team, Leadbitter is a solid and well-managed company with an established reputation and robust client base. Acquiring 100% of the company is a great reflection of the company's successful integration into the Bouygues group."
The Leadbitter Group, which consists of Leadbitter and Denne, employs 700 people and recorded a turnover of £428 million (€533 million) in 2011. The company specialises in construction, particularly in the housing sector, and operates across southern England and South Wales.
BBI said that the directors of the Leadbitter Group would retain "important operational roles within the business".
Madani Sow, chairman of Bouygues UK, Warings and Bouygues Development, added, "Leadbitter is an important addition to Bouygues in the UK, providing us with valuable access to sectors and geographies that complement our existing offering. It's fantastic to have reached this key milestone in the development of our UK expansion programme."