Transaction

Clearwater UK advises GRS on raising a c.€70m (£61m) funding package to support its acquisition of S.Walsh Holdings Limited and continued growth

Transaction

GRS Roadstone raised debt finance from Lloyds Bank RBS HSBC to support the acquisition of S Walsh Holdings

Acquisition finance

€70m

Role

Adviser to GRS Roadstone on raising debt finance from Lloyds Bank RBS HSBC to support the acquisition of S Walsh Holdings

Sector

Industrial & Chemicals

Region

United Kingdom

Clearwater UK has advised construction services provider and independent trader of aggregates GRS Roadstone Group Limited (GRS), on raising finance to support its acquisition of S.Walsh Holdings Limited (Walsh). The funding has been provided by a three bank term loan syndicate, Lloyds Bank, RBS and HSBC, and a three lender receivables finance syndicate comprising Lloyds Bank Commercial Finance, HSBC Invoice Finance and RBSIF.

GRS is the UK's largest independent supplier of natural and recycled aggregate. It offers a complementary waste removal and transport service, providing customers with a one-stop shop solution. This value-add service has led to its longstanding industry relationships. GRS has worked on many high-profile infrastructure projects including the Channel Tunnel, Heathrow Airport’s Terminal 5 and Wembley Stadium.

Walsh provides a range of services to construction and civil engineering contractors. The company’s core activity is construction waste materials but it has also accumulated specialised environmental knowledge in spoil handling, removal and remediation. Walsh has diversified its offering to provide marine, rail and logistics services to clients and has worked on major projects including the London Overground, Channel Tunnel Rail Link (HS1), and the London Olympic Stadium.

This acquisition provides greater expertise to GRS’ trading division, allowing it to deal with more complex customer issues and increase trading revenue. It supports the construction solutions strategy for GRS, providing wider client reach, assets and technical and trading expertise. The acquisition will also enable GRS to grow its land remediation, landfill and muckaway solutions division – GRS Earth Solutions.

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We’re thrilled with the outcome of this transaction, GRS is in a strong position to continue its growth plans. The Clearwater team delivered a seamless process and their guidance throughout made us feel at ease. We look forward to what the future holds for GRS.

Martin Reid, Group Chief Financial Officer, GRS Roadstone
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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.

Joe Dyke, Director, Clearwater

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