Thame-based Chevron Traffic Management has been sold to European private equity firm Triton. Law firm Shoosmiths advised on the sale.
The company was acquired from Portchester Equity, a UK PE firm. The value of the deal was undisclosed.
Chevron Traffic Management is the largest traffic management company in England and Wales and specialises in the provision of temporary traffic management in accordance with NHSS (National Highway Sector Schemes), providing support on a range of schemes.
Triton specialises in investments into medium sized businesses across a number of European countries, focusing on companies which have the potential to create long-term value.
Founded in 1997 and headquartered in Thame, Chevron TM employs more than 400 people at 10 regional depots across the UK. The company has annual sales in excess of £65 million.
The deal was completed for the shareholders of Chevron TM, including the management team of Tim Cockayne, Mark Fleckner and Portchester Equity. It required collaboration across Shoosmiths’ practice groups.
Corporate partner Sean Wright led the deal, and was assisted by corporate senior associate Nina Smith and corporate paralegal, Molly Cullen. Real-estate partner Matthew Walker advised on property due diligence and partner Paula Rome provided employment expertise. Advice on tax warranties and tax due diligence was provided by partner Dan Kennedy while senior associate Fleur Turrington provided expertise on litigation due diligence and disclosure.
Wright, said: “It has been a pleasure to have worked on this deal for Portchester Equity and to have had the opportunity to utilise our broad and deep experience across the firm on such a transaction.
“Shoosmiths is in a fortunate position that it has great strength and depth of teams across its practice groups, so where large deals require specialist expertise, we have the relevant advisers within the firm.”
David Harbord, of Portchester Equity, said: “We always have confidence that Shoosmiths can deliver on transactions because of their strength, depth and knowledgeable lawyers, particularly in M&A. They provided exemplary advice for Portchester Equity, and the shareholders, on the sale of Chevron Traffic Management.”