Geotechnical and structural specialist Aspin has been acquired by private equity firm Sandton Capital Partners for an undisclosed sum and has set out an ambitious growth plan for the business.
Aspin has said that the acquisition will provide funding to grow the business and has a “2020 vision” to become a £60M turnover business.
In the last set of accounts filed with Company House for the year to 31 July 2016, the business recorded a turnover of £43.7M.
“This investment and secure funding from our new equity partners, who have extensive experience in the engineering sector, provides the ideal platform for the next significant stages of the company’s planned development,” said Aspin CEO Russell Ward.
Aspin has said executive team’s responsibilities have been re-organised to help deliver the next phase of its “2020 Vision”. The executive team, headed by Ward has been boosted with two new appointments with Iain Sale as CFO and Paul Oyekanmi as commercial director. The reorganisation of responsibilities means that Martin Truman becomes delivery director, Damon Marii-Metuarii is construction director, Lee Healey is technical services director and Alice Bromwich is head of HR.
The business, which is headquartered in Hemel Hempstead, employs 240 people in the UK.