One of South Africa’s largest contractors has acquired a 40% stake in concrete frame specialist Byrne Group.
Wilson Bayly Holmes-Ovcon (WBHO), which is listed on the Johannesburg stock exchange, has bought the stake in the London-based firm for £12m.
WBHO group building managing director Paul Foley will join Byrne Group’s board under the terms of the deal.
“We see real synergistic benefits of working together, especially at a time when the UK construction market is strong and there is growing demand for our unique blend of construction skills,” Foley said.
Byrne Group chief executive Michael Byrne said the deal would boost its “capacity to target opportunities that are evolving in the post-Brexit world of construction”.
Byrne Group, which was established in 1969 by Patsy and Johnny Byrne, has been involved in many of London’s iconic landmarks, including The Savoy, The Shard, Tate Modern and the £1bn new Bloomberg HQ.
The firm’s group pretax losses were £11.9m in its last full year on a turnover of £329.4m.
The group appointed Bovis veteran John Anderson as its new managing director in January last year.
WBHO is listed on the Johannesburg Securities Exchange and operates as a construction and engineering contractor with leading market positions in Africa and Australia.
Formed in 1970, WBHO has carried out major construction projects across Africa and is a tier one contractor in Australia. It has a turnover of around 30bn South African rand.
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