The transaction follows the group’s acquisition of a 40percent interest in the Byrne Group for £12m in June last year. WBHO chief executive Louwtjie Nel said that the group had been seeking growth opportunities in new markets to further diversify the group’s earnings platform and the UK was identified as offering the most potential at acceptable levels of risk.
“The acquisition of the Russells businesses is an excellent strategic fit for our UK operations and will add additional substance to our presence in the market,” Nel said. “The culture and values of Russells are based on teamwork, integrity and loyalty, and are strongly aligned with those of WBHO.”
Nel said family-owned Russells businesses had demonstrated strong, yet controlled and sustainable growth over recent years, adding that the Manchester and North West construction markets currently offered a healthy project pipeline and the business had a strong secured order book for the 2019 financial year.