GRS Roadstone Group raises £61m to acquire London building services provider

Construction services provider GRS Roadstone Group Limited (GRS) has secured eight-figure funding to support its acquisition of London-based S.Walsh Holdings Limited (Walsh).

The Nuneaton-headquartered firm was advised by corporate finance firm Clearwater International UK on the £61m fundraise.

The funding was provided by a three-bank term loan syndicate comprising Lloyds Bank, RBS and HSBC, and a receivables finance syndicate involving Lloyds Bank Commercial Finance, HSBC Invoice Finance and RBSIF.

GRS, the largest independent supplier of natural and recycled aggregate in the UK, expects the acquisition to boost expertise within its trading division, enabling it to deal with more complex customer issues and increase trading revenue.

Walsh provides services to construction and civil engineering contractors. Its core activity is handling construction waste materials.

The group chief financial officer of GRS Roadstone, Martin Reid, said: “We’re thrilled with the outcome of this transaction, GRS is in a strong position to continue its growth plans.”

Clearwater International’s team was made up of partners Jon Hustler and Chris Smith, director Joe Dyke and associate directors David Burton and Richard Ellis.

Clearwater International director Joe Dyke commented: “This transaction enables GRS to enhance its already strong national footprint and the combined business will deliver a significantly enhanced value proposition in the London and South East construction market.

“With support from Lloyds, RBS and HSBC, GRS has made the exciting acquisition of Walsh, offering significant growth potential and the ability to broaden its services and increase its customer base.”