Stellex acquire Fox Brothers
Company to be transformed into fully integrated, circular economy construction materials solutions business
STELLEX Capital Management, a middle-market private equity firm, have announced the completion of a definitive agreement to acquire the majority capital of Fox Brothers Holdings Group from existing shareholders and managers for an undisclosed sum.
Based in Lancashire and now in their fourth generation of family leadership, Fox Brothers have been in operation since 1932, providing services to the construction and infrastructure industry across the UK, including muck-away, haulage of aggregates, production of recycled aggregates, waste recycling, quarry operations, and ready-mix concrete production. The company operates 12 sites and depots and has 550 employees.
Since their early days, Fox Brothers have expanded geographically and extended their operations beyond haulage and muck-away into those of a more integrated construction materials provider, largely as a result of several acquisitions in recent years, including Hurt Ltd and JJ O’Grady.
As part of the Stellex transaction, the Fox Brothers will also merge with J A Jackson, a well-known quarry operator and producer of recycled aggregates and ready mixed concrete – a strategic integration that will generate synergies between all parts of the business.
A key focus of Stellex’s investment will be to further integrate the company to transform Fox Brothers Holdings Group into a fully integrated, circular economy construction materials solutions business, able to help decarbonize the construction materials supply chain.
‘We see strong potential in the Company’s capabilities and resources and look forward to working together with management and our operators to deliver on our value creation plan,’ said Mark Redman, managing partner at Stellex.
‘This acquisition aligns with our strategy to identify companies where we believe we can introduce operational expertise in an effort to drive growth and better leverage companies’ assets and resources.’
Fox Brothers also welcome to the board of directors Mark Joel as company chair and Andy Swinnerton as chief operating officer. Both are seasoned industry veterans with previous experience at CRH/Tarmac and Holcim/Aggregates Industries respectively.
Paul Fox, chief executive officer and current majority owner of Fox Brothers Holdings Group, commented: ‘We are delighted to welcome Stellex, Mark, and Andy to our group. This is an extremely exciting time for the company and with their help and the integration of J A Jackson, we are now in a position to transform the company into a fully integrated circular construction materials business, delivering sustainable solutions to the construction industry.’
Mark Joel and Andy Swinnerton said: ‘We are looking forward to working with Paul and Andy Duckett, managing director and owner of J A Jackson, to assist them in their growth and continued transformation of the company into a leading, vertically integrated, circular economy construction material business. We have a clearly identified plan which involves both organic and inorganic growth, which we will pursue in the coming months, and we are excited about the opportunity.’
