Saffery has provided financial due diligence services to Orange UK Holdings Limited (OUKH) on its acquisition of Gateshead-based marine civil engineering specialist Southbay Civil Engineering (Southbay).
Southbay is an established marine and heavy civil engineering business with turnover exceeding £40 million. Founded in 2001, the company delivers technically complex projects across ports, harbours, rivers and coastal environments in the UK and internationally, including quay walls, jetties, sea walls and flood defences.
The acquisition sees OUKH acquire Southbay from its founding shareholders, Gordon and Gill Green. The existing senior management team, led by Managing Director Paul Stephenson and Operations Director Antony Ballantyne, will remain in place, providing continuity for the business, its employees and customers while supporting future growth ambitions.
Saffery carried out financial due diligence on behalf of OUKH, with our involvement spanning several phases of the transaction, beginning with a detailed review of Southbay’s historical financial performance, and subsequently providing additional financial analysis and completion support as the transaction progressed. This included updated due diligence work and analysis of net cash and working capital.
The Saffery team was led by Director Erin Cadden, working alongside colleagues in the wider Transaction Services team. As the transaction developed, the team worked closely with OUKH and its advisers, providing financial analysis to support discussions around key transaction matters through to completion.
Erin Cadden said:
“We’re delighted to have supported OUKH on this acquisition. It was a detailed transaction which required our team to provide support at several stages of the process. Southbay has developed a strong position in a highly specialised area of the civil engineering market, and we’re pleased to have played a part in bringing together OUKH and Southbay for the next phase of the company’s development.”
Orange UK Holdings Limited added:
“Saffery’s team brought real value to the transaction. Their detailed understanding of the financials, pragmatic approach and ability to work through complex issues helped keep the process moving and provided clarity at important stages of the deal. They were professional and collaborative throughout, and their support helped us reach a successful outcome.”
Under its new ownership, Southbay intends to build on its established position in marine civil engineering and pursue further opportunities both in the UK and internationally.
Saffery has extensive experience of providing both buy-side and sell-side services support to clients across a range of sectors.
More information is available on previous transactions we have worked on.
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