Alantra advises Chevron traffic management on ITS sale to Triton
5 April 2018 – Alantra has advised Chevron Traffic Management (“Chevron TM”) on its sale to funds advised by Triton (“Triton”), providing an exit for majority shareholder, Portchester Equity Limited (“Portchester”). The value of the transaction was not undisclosed.
Chevron is the UK’s largest work zone safety services provider. Founded in 1997 and headquartered in Thame, Chevron TM employs approximately 400 people at ten regional depots across the UK. The company has annual sales of approximately GDP 65m.
Chevron TM is Triton’s third acquisition within the European Work Zone Safety Services market and follows its acquisitions of Ramudden in Sweden in December 2017 and AVS in Germany in January 2018.
The Alantra team included Steve Currie and Jeremy Harrison, Head of Industrials. Steve Currie, Partner of Alantra Corporate Finance, the UK M&A advisory business of Alantra, and lead advisor on the transaction commented: “We are delighted to have advised Chevron’s management team on their successful deal. The company has enjoyed significant growth to date with the backing of Portchester and in Triton have found a strong and experienced partner to support their strategy, targeting the significant uplift in forecast spend on the UK road network to stimulate the UK economy.”
Tim Cockayne, Managing Director of Chevron TM, said: “Triton is a strong match for us with a track-record of ownership in the safety services sector. We have had a great development as a company and in partnership with Triton we believe we will be able to continue our strategic journey to create an even stronger value proposition.”
Alantra Corporate Finance, which has offices in London, Birmingham and Nottingham, will rebrand as Alantra in April, with Alantra partners driving the UK business of the Alantra global M&A advisory business. Alantra is a global investment banking and asset management firm focusing on the mid-market with offices across Europe, the US, Asia and Latin America.