£25million deal for Hemel firm

Aspin Group
Aspin Group

A construction contractor based in Hemel Hempstead has received a multi-million pound cash injection.

Private equity provider LDC - part of Lloyds Banking Group - has done a £25million deal to support the Aspin Group’s future growth.

LDC has taken a minority stake to support the continued growth of Aspin, which designs and constructs piled foundations for the rail sector, primarily used for supporting overhead line equipment and signalling structures.

Co-founder of the Aspin Group Barry McMahon said: “LDC’s investment demonstrates their belief in our business model and provides us with a strong platform to maximise our growth ambitions. 

“The rail industry continues to face considerable change and this presents us with a number of exciting growth opportunities.

“Going forward, we intend to increase the pace of organic growth and build further upon our existing network of operations and services, whilst also actively pursuing viable acquisition opportunities as part of an ongoing ‘buy and build’ strategy.”

The firm, with its headquarters in London Road, Hemel Hempstead, employs more than 200 staff across the UK.

Its current annual revenue is approaching £35million and the business has made two acquisitions in the last two years - sheet piling company McGrattan and Roger Structural Investigations.

As part of the transaction with LDC, Keith Ludeman has joined the business as a non-executive chairman and brings a wealth of experience in the rail and wider transport and infrastructure sectors.

LDC investment director John Green said: “With Aspin, we are backing a team that has led the business through multiple phases of growth.”

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