Readypower Rail Services Group Acquires Terrawise Construction Limited
Readypower Rail Services Group Limited is delighted to announce the acquisition of Terrawise Construction Limited. Following the MBO of the Readypower business in February 2017, a key strategic objective was to expand the service offering to include specialist rail contract services. This acquisition is the start of fulfilling that objective with Terrawise having an excellent reputation for the delivery of specialist foundations and civil engineering projects to the rail and power sectors. Terrawise has a dynamic and customer-focused team and there is a strong cultural fit between the two businesses. The deal will see James Crossen, Jamie Burrows and Darren Long remain in the Readypower group and they will continue to run what will become Readypower Terrawise.
Russell Jack, CEO at Readypower, said of the deal, “I have known the guys at Terrawise since they first started the business in 2006. I have always admired the company as it has been very successful by putting customer service at the heart of everything it does, just like Readypower. Retaining and developing the best people in the industry is key to maintaining Readypower’s first-class client service and we look forward to welcoming all the Terrawise staff to the Readypower group to continue this ethos.
“Bringing Readypower and Terrawise together gives Terrawise the largest, most modern fleet of specialist RRVs in the UK. Terrawise’s customers will now benefit from guaranteed access to the best machines in the country to complete the work and greater financial strength to undertake projects of all sizes. Readypower’s extensive client base, including Network Rail, will be able to benefit from a much wider service offering than the traditional plant hire and POS services that have been historically offered. As an enlarged group, Readypower is now well placed to have the capabilities and flexibility to succeed for the rest of CP5 and into CP6 and beyond.”
James Crossen said of the deal, “At Terrawise we are proud of our company and the services we offer. However, we recognised that our prime competitors are much larger in size and deployable assets. This deal substantially increases the ability of Terrawise to compete on a level playing field, with the best in-house rail plant fleet in the country. I have been extremely impressed with the management team at Readypower and look forward to working with them to deliver success both internally and externally.”
Terrawise was assisted on the deal by Pannone Corporate LLP (Legal) and Hurst (Financial). Readypower was assisted by Pinsent Masons LLP (Legal), BDO LLP (Financial), Drystone (Commercial) and Vista Insurance Brokers whilst we would like to thank PNC Business Credit for their excellent assistance regarding banking facilities.